You Divorced Me! I’m Taking All the Stuff

Throughout the course of any marriage, property is accumulated. You’re in love, and as you stroll through shopping areas, you think that certain things will make the relationship happier. You started out with an empty apartment or home and before you knew it, there’s no room left for anything. If a divorce enters this scene, all this "stuff" becomes one of the biggest issues, because now this property will have to be divide between the two parties upon the finalization of the divorce. You’ll need to determine spousal support.

A divorce property settlement is an enormous challenge. In addition to the splitting of the acquired assets, you have to form an agreement about tax liability intrinsic to those assets as well because some of your assets might come with a huge tax bill. You’ll need to discuss the ownership of stock options, IRA accounts, state and local taxes, any existing Retirement Accounts, the capital gain for home ownership, and any ownership interests that may exist in a business with their value.

In Ohio, marital property is most often separated equitably. This means, however, that the divorcing couple must agree on what items are marital property, pre-marital property and separate property. Separating the marital property equitably doesn’t necessarily mean equally; but it does means fairly. The court will take several factors into consideration to decide what is fair in each individual case. These factors include the duration of the marriage, the assets, custody issues, and tax consequences.

Additionally, not all divorce cases in Ohio include spousal support payments. These decisions are made on a case-by-case basis and vary in amount, duration, and terms of payment. Again, there are several factors that go into deciding if spousal support will occur and of what it will consist. These factors include each individual’s income, earning ability, retirement benefits, duration of the marriage, standard of living, and custody and other circumstances surrounding children.

With so many factors involved in the division of property, it’s difficult to say exactly how your property will be divided in the event of a divorce. An equitable agreement between you and your ex taking into consideration all the factors you are aware of is a great beginning. Doing research on the internet for the laws in your state is another practical step. Seeking the advice of your family lawyer can help you better anticipate what you might be able to expect from this portion of the divorce proceedings. When you get a divorce, be sure to examine all the property assets and the resolution of spousal support.