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?
According to the Huffington Post, there are several factors that weigh heavily on the outcome of asset division. Each is considered in regards to your circumstances and those of your spouse. Often, one of the first things a court will take into account is your financial situation. Other factors include the following:
- Your age and overall health
- Your earning potential and current income
- Whether or not you will be the parent with primary custody, and the needs of your children
- How long you have been married
- Your standard of living
- How much property is owned by you and your spouse
As your divorce proceedings progress, remember that you will only need to divide marital property and not assets that are considered separate property. Often, martial property includes things such as:
- Life insurance
- Retirement plans
- Professional licensures and practices
- Stock options
- Real estate
- Cars, boats, artwork and antiques
What you should keep in mind is that any separate property you own that has become significantly more valuable during your marriage, can potentially be considered marital property. Dividing assets is a complicated process that takes into account current market value, liquidity, tax implications and depreciation among other things.
The information in this article is intended for educational purposes only and should not be interpreted as legal advice.