In a divorce the parties or the court must determine how to divide the marital property and debt. In Ohio, marital property and debt is divided by “equitable” distribution, which usually means “equal,” but not always. You may need an experienced divorce lawyer to determine what is “marital” and what is not. You may need an experienced divorce lawyer to advise you when an “equal” distribution is an “equitable” and appropriate distribution.
All assets and liabilities owned and owning at the time of divorce must identified and valued in order to achieve a just and equitable property division. They must be designated either marital, and subject to division, or separate, and be designated to one party. Issues arise concerning the disposition of property or debts that may have been owned or owed by one party at the time of the marriage or inherited during the marriage.
We will help you define what is marital property and what is separate property. We can work with forensic accountants to find hidden assets and have them valued.
Examples of assets include:
- Real estate (primary residence, vacation home or other property)
- Personal property (vehicles, art, furniture or jewelry)
- Retirement accounts
- Stock options and portfolios
- Trust benefits
- Businesses operated by a spouse
Marital liabilities must also be divided. These include debts, mortgages , loans, credit cards, taxes and judgments. We will work to achieve a fair settlement for you.