Who gets the house after the end of a marriage? Who gets the furniture, the family heirlooms or the retirement accounts? Property division can be one of the more challenging aspects of a divorce. Here in Ohio, state laws apply specifically to the process, and any residents considering or going through a divorce will find the information valuable.
Ohio couples contemplating divorce have a special set of circumstances to deal with when they own a business together. As Forbes explains, there are three choices as follows:
While your dog may be considered a part of the family, when it comes to the law in Ohio, it technical is considered property. However, this does not mean a judge will treat it as such. Courts know dogs are living beings who must be cared for, so they are not as casual when determining ownership as they may be with a car or a piece of art.
Going through a divorce in Ohio is often a financial strain on one or both people involved. Going from one household to two with the same amount of money can lead to issues and disagreements. You may run into a situation where your spouse takes money out of a joint account, leaving you with nothing. Before you get to such a state, you should plan ahead.
If you and your spouse are navigating the complicated road of divorce, you are certainly not alone. Each year, a number of Ohio couples rely on divorce as a solution to remedy marital strain. You may have already begun to work through the tricky parts like child custody and alimony, but what about dividing your assets and fairly determining who gets what?
One of the most difficult factors involved in the termination of a marriage is property division. Distributing marital property and assets that have been accumulated throughout years of marriage can often seem overwhelming, as people may develop emotional ties to their things. There are, however, some important factors to keep in mind when determining who gets what in the final divorce settlement. One of these issues involves taxes, and how division of property may affect a person’s taxes. If people do not plan properly, they may be surprised with unexpected tax consequences that could have a major impact on their finances.
Property division may be one of the most complicated parts of the divorce process. Distributing property that a couple has accumulated during the course of a marriage can be emotional and may cause problems when people do not fully understand the differences between marital and separate property. Whether a couple is negotiating the terms of their property division through mediation or has placed the responsibility in the hands of a court-appointed judge, it is crucial to know what types of property and assets are marital as opposed to separate.
Once the decision has been made to end a marriage, the next step is deciding who gets what. If you have been married for decades, this can be incredibly difficult since you have both contributed so much to the family life and finances. Even couples in Ohio who have only been married for a short time may find it difficult to split up the marital assets.
Among the numerous concerns divorcing couples have in Ohio, the division of retirement assets often features greatly. It’s important to know the proper methods for splitting retirement accounts to keep costs low and to prevent any unforeseen circumstances from occurring.
Whether you are currently going through the divorce process, or you are simply considering filing for divorce, property division is often a big part of the marital negotiations process. In Ohio, all of the property amassed throughout the marriage is distributed equitably between spouses. The judge who is appointed to the case takes into consideration several factors, such as how long the couple has been married, as well as the grounds for divorce. In order separate the property in a fair manner, each spouse is required to disclose all of their possessions. In an attempt to keep control of certain assets and property, however, some spouses may be tempted to hide their money or belongings.