At the outset of a divorce or dissolution of marriage in Ohio, you are likely wondering how your property will be divided with your spouse. The attorneys at Dawes Legal, LLC, analyze division of property in the blog post below.
In Ohio, your property will be categorized into “marital” and “non-marital” property, and only the marital assets will be split up. You will generally keep your non-marital assets and will divide the marital assets as equally as possible.
That leads us to the question: What is marital property? Luckily, Ohio laws give us a lot of guidance on this issue. Marital property includes:
- All real and personal property that currently is owned by either or both of the spouses, including, but not limited to, the retirement benefits of the spouses, and that was acquired by either or both of the spouses during the marriage;
- All interest that either or both of the spouses currently has in any real or personal property, including, but not limited to, the retirement benefits of the spouses, and that was acquired by either or both of the spouses during the marriage;
- All income and appreciation on separate property, due to the labor, monetary, or in-kind contribution of either or both of the spouses that occurred during the marriage.
Conversely, non-marital property includes:
- An inheritance by one spouse by bequest, devise, or descent during the course of the marriage;
- Any real or personal property or interest in real or personal property that was acquired by one spouse prior to the date of the marriage;
- Passive income and appreciation acquired from separate property by one spouse during the marriage;
- Any real or personal property or interest in real or personal property acquired by one spouse after a decree of legal separation;
- Any real or personal property or interest in real or personal property that is excluded by a valid prenuptial agreement;
- Compensation to a spouse for the spouse’s personal injury, except for loss of marital earnings and compensation for expenses paid from marital assets;
- Any gift of any real or personal property or of an interest in real or personal property that is made after the date of the marriage and that is proven by clear and convincing evidence to have been given to only one spouse.
As you can see, the biggest factor to consider in determining whether an asset will be considered marital or non-marital is the time at which you acquired it. If you acquired the asset during your marriage, there are few circumstances in which it will be considered non-marital property.
If you are considering divorce and wondering how your assets will be divided, an experienced lawyer can help you sort through the process. Contact Dawes Legal, LLC, by calling (614) 733-9999 to gain the answers you need about the status of your property.