Ohio Divorce and the Different Types of Property Division
During the process of a divorce or dissolution of marriage in Ohio, you will divide all of your marital property with your spouse. In the blog below, Dawes Legal, LLC, discusses what property will be subject to division during your divorce and what types of property you can expect to divide.
Property Subject to Division in Ohio
Under Ohio law, you will only divide property with your spouse that is considered “marital” property. Ohio’s Revised Code contains a chapter on divorce that states marital property includes the following (3105.171(A)(3)(a)):
- 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.
The time when you acquired property will be one of the most important factors in determining whether something is marital property subject to division. If you acquired the property during the marriage, it is more likely than not you will need to divide it.
Types of Property You Will Divide
Knowing the general rules for what constitutes marital property in the state of Ohio, now you should learn about the types of property that will almost always be considered marital and will need to be divided between you and your spouse. These include:
- Family homes and vacation homes
- Land and rental properties
- Personal property (collections, heirlooms)
- Checking and savings accounts
- Retirement benefits
- Life insurance
- Club memberships
- Travel rewards
There might be a few on the above list you had not considered, but it is important that you include them to make sure you receive everything to which you’re entitled in your divorce or dissolution. Pets, you’ll notice, are considered property in Ohio, so you will need to decide who between you and your spouse will take any pets you have together.
Ohio is an equitable division state, which means your marital property will be split fairly. Fairly does not always mean equally. The court overseeing your divorce will determine the most equitable arrangement for property in question and will try to offset items awarded to one spouse in a way that is fair to the other spouse.
If you are beginning a divorce or dissolution in Ohio and have questions about property division, contact Dawes Legal, LLC, at (614) 733-9999. Attorney Shannon Dawes will schedule a consultation with you to discuss how the process will apply to your assets.