How Does The Court Equitably Divide Property?
Ohio law requires that only property acquired during the course of the marriage is subject to division as part of the divorce. Additionally, 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.
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. If a 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.
If the spouses are unable to agree upon an equitable division of property, the Court is required to divide marital and separate property and will consider the following factors in doing so:
The duration of the marriage;
The assets and liabilities of the spouses;
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;
The liquidity of the property to be distributed;
The economic desirability of retaining intact an asset or an interest in an asset;
The tax consequences of the property division upon the respective awards to be made to each spouse;
The costs of sale, if it is necessary that an asset be sold to effectuate an equitable distribution of property;
Any division or disbursement of property made in a separation agreement that was voluntarily entered into by the spouses;
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;
Any other factor that the court expressly finds to be relevant and equitable.
When you need a skilled and experienced family law lawyer to fight for your goals, Christopher M. Alexander can often negotiate debt trade-offs, home equity disputes and asset valuations so that you receive the fairest possible outcome in property division. Call Christopher M. Alexander at (513) 228 – 1100, mobile (513) 226 – 8489, or online at Chris@awklegal.com.