Equitable Division of Marital Property

One of the fundamental pieces of every divorce or dissolution case is the equitable division of marital property and separate property between the spouses. Ohio law requires that only property acquired during the course of the marriage is subject to division. Also, each spouse is considered to have contributed equally to production and acquisition of marital property regardless of who earned a larger income during the marriage.

 

When you need a skilled and experienced family law lawyer who can advise you regarding the equitable division of marital property and separate property in your divorce or dissolution, call Christopher M. Alexander at (513) 228 – 1100, mobile (513) 226 – 8489, or email him at Chris@awklegal.com.

 

How is Marital Property and Separate Property Divided?

 

If the spouses are unable to agree upon an equitable division of property, the Court is required to divide marital property and separate property and will consider the following factors in doing so:

 

1.         The duration of the marriage;

2.         The assets and liabilities of the spouses;

3.         The desirability of awarding the family home, or the right to reside in the family home for reasonable periods of time,    

            to the spouse with custody of the children of the marriage;

4.         The liquidity of the property to be distributed;

5.         The economic desirability of retaining intact an asset or an interest in an asset;

6.         The tax consequences of the property division upon the respective awards to be made to each spouse;

7.          The costs of sale, if it is necessary that an asset be sold to effectuate an equitable distribution of property;

8.         Any division or disbursement of property made in a separation agreement that was voluntarily entered into by the 

            spouses;

9.        Any retirement benefits of the spouses, excluding the social security benefits of a spouse except as may be relevant for

            purposes of dividing a public pension;

10.       Any other factor that the court expressly finds to be relevant and equitable.

 

What is a Distributive Award?

 

In limited situations, the Court can make a distributive award from marital property or from one spouse’s separate property to the other spouse in order to achieve equity between the spouses. For example, if one spouse engaged in financial misconduct, including, but not limited to, the dissipation, destruction, concealment, nondisclosure, or fraudulent disposition of assets, the court may compensate the offended spouse with a distributive award or with a greater share of marital property.

 

When you need a skilled and experienced family law lawyer who can advise you regarding the equitable division of marital property and separate property in your divorce or dissolution, call Christopher M. Alexander at (513) 228 – 1100, mobile (513) 226 – 8489, or email him at Chris@awklegal.com.

Schedule Your Initial In-Person Consultation Today

Call (513) 228 - 1100 or email Chris@awklegal.com

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