Finding An Equitable Split Of Assets And Debts
In Ohio, all assets accumulated during the marriage are presumed to be marital, and thus are subject to equitable asset division, unless the parties have signed a prenuptial agreement. Generally, “equitable distribution” is interpreted by the court to be an “equal” division of the marital property. However, if one party has committed financial misconduct, the court may apportion the assets unequally in order to compensate the harmed spouse.
Valuation Of Property
When the valuation of a certain property is not easily ascertainable, professional reports and/or examinations may be needed in order to determine the value of the property. An accurate property valuation will be necessary to ensure an equitable distribution of assets.
In divorce proceedings, all assets are initially presumed to be marital. However, Ohio recognizes certain categories of property that are nonmarital, and thus are not subject to equitable distribution. These categories include assets owned before the marriage, gifts made to one spouse, inheritances and personal injury proceeds. The person alleging that a certain property is nonmarital will bear the burden of proving such a claim.
Allocation Of Debt
Debts incurred during the marriage are also assumed to be marital, and thus will be subject to equitable distribution. Since the law in Ohio does not expressly prescribe a method for the division of debt, a judge may exercise his or her discretion in distributing the debt.
Get A Consultation
Contact family law and property division attorneys at The Lampe Law Office, LLC, online or call 513-889-0400 to arrange a consultation. We proudly serve clients throughout the surrounding Butler, Clermont, Hamilton, and Warren County regions.