The Basics Of Asset Division

At Hartley Law Office, LLC, we strive to help clients understand every aspect of divorce in order to make intelligent, informed decisions. Because asset division can be complex, we've included a basic overview of the process on this page.

There is no substitute for case-specific legal advice. So, after reading through the information on this page, feel free to contact the firm for more detailed answers to your asset division questions.

How Is Property Classified And Divided In Ohio?

Ohio uses the equitable distribution model for property division. This means that in a divorce, jointly held property is to be distributed equitably between both spouses (which is not necessarily the same as a 50/50 split).

Assets can be defined as either marital or separate. Generally, separate assets were those gained by either spouse prior to the marriage or given specifically to one spouse during the marriage (such as a family inheritance). Nearly all other assets will be considered marital and therefore, subject to division.

Working With Financial Professionals To Properly Value Assets

Asset division is an exercise in thorough accounting. All assets the couple owns must be cataloged, classified and assigned a dollar value. In some cases, the task is easy and straightforward. In others, it requires the assistance and expertise of outside financial professionals. Our attorney works with financial analysts, forensic accountants, private investigators and others on an as-needed basis to ensure that all assets are properly accounted for and accurately valued. This includes assets your spouse may be trying to hide.

Next, we work with you to prioritize the assets that will be most important to you after divorce. As part of that calculation, we will consider tax implications, value appreciation and depreciation, and all other relevant factors that could change the face value of a given asset.

Accurate And Thorough Business Valuation Is Crucial

If you or your spouse owns a business, it is likely to be one of your highest-value assets. And in many cases, both spouses have a financial stake in the business even if only one spouse has daily involvement with business operations.

Therefore, it is critical to accurately value the business in order to determine each spouse's share of it. Once that is completed, we can make decisions about buying out one spouse's share, trading away other assets or dissolving the business (as a last resort in many cases). You can read more about this on our Divorce For Business Owners page.

How Can We Help You? Contact Us To Learn More.

Based in Dayton, Hartley Law Office, LLC, serves clients in Dayton and surrounding communities. To arrange an initial consultation with a lawyer who really listens to you and your concerns, call us at 937-684-9271 or fill out our online contact form.