In Ohio, Equitable Division is the Rule
Equitable division is the rule when it comes to distribution of marital property in Ohio. Our courts start with a presumption that equitable means equal. However, the judge can decide that an unequal division is "equitable" based on the facts of your case.
At the law firm of Sowald Sowald Anderson & Hawley in Columbus, Ohio, our lawyers will represent your property interests in divorce and ensure that you receive everything you are entitled to receive under Ohio law.
What is Marital Property?
Marital property includes all assets and debts you accumulated during your marriage, including:
- Businesses
- Real estate
- Financial accounts
- Retirement benefits such as pension plans and 401(k) accounts
- Credit card bills
- Mortgages on real estate
- Personal belongings such as coin collections, jewelry, artwork and furniture
Often, simply dividing each individual asset and liability does not result in an outcome that protects the value of the assets or minimizes the impact of the liability. Through our experience and the use of experts, our lawyers can help you obtain a reasonable and logical distribution of assets and liabilities that maximizes the benefit to both parties.
What About Gifts and Inheritances?
Gifts and inheritances, as well as assets owned prior to the marriage, are not considered marital property in Ohio and typically remain the property of the recipient or owner. However, it is the responsibility of the party claiming the asset is non-marital to adequately prove that the asset was a gift, inheritance or was owned prior to the marriage.
How Spousal Support Is Determined
Spousal support (also known as alimony) is up to the discretion of the court. In determining whether one side should pay the other spousal support, the court must consider 14 statutory factors such as length of marriage, disparity of income, the total assets, the age of each party, and the earning ability of each party. Based upon the assessment of the statutory factors, the court will determine whether spousal support is appropriate and, if so, how much and for how long.
Courts typically order spousal support when the parties have been married for at least five years or longer, when there is a large disparity of income and when factors exists that are likely to make it difficult for a party to be financially self sufficient. However, courts may order alimony in short-term marriages such as in the case of a stay-at-home mom who has young children.
Tax advantage of alimony: Since spousal support is tax deductible by the paying party and taxable income for the receiving party, it is important to give careful consideration to this issue. In many cases, the party paying support saves more on taxes than the receiving party has to pay on the amount received, which results in a financial benefit to both parties. This may make it more beneficial for a party to pay or receive spousal support than for the parties to divide some assets or liabilities. At Sowald Sowald Anderson & Hawley, our attorneys use specialized software and financial experts to determine the most beneficial way to structure property division and spousal support.
Schedule a Marital Property Division Consultation With One of Our Attorneys
To schedule a consultation about property division with a lawyer at Sowald Sowald Anderson & Hawley, call 888-609-8912 or fill out the contact form on this Web site. Our law office is located on Fifth Street in downtown Columbus.
