The division of assets is often one of the most complex aspects of divorce. In Ohio, the courts generally follow the rule of equitable distribution. This means the court does not divide marital property equally but fairly based on each party’s contributions to the marriage and their future financial needs.
How can I prepare for asset division?
There are several steps you can take to help better ensure the asset division process is efficient and protects individual interests. Two of the most important steps that apply to most divorces are to gather financial documents and classify the assets as marital or separate.
When gathering financial documents, include bank statements, credit card statements, tax returns, and documents related to ownership of property and debts. Having a clear financial picture will simplify the process.
For the next step, classifying the assets requires an understanding of how Ohio law treats these matters. The courts generally view assets the couple acquires during the marriage as marital assets. In contrast, state law considers separate assets as those an individual owns prior to the marriage or received as a gift or inheritance. It is important to note that separate assets only remain so if the owner of the asset does not comingle or mix the asset with marital assets. If the owner of the separate asset combines that asset in a joint checking account, for example, the court may consider the asset marital property subject to division during divorce.
How can I make the division process more efficient?
The much-used phrase time is money holds true in divorce. The more time spent fighting over who gets what will impact the overall cost of the divorce. Couples can help to cut down on this expense with efficient steps when navigating asset division. This can include:
- Valuation: It is often helpful to get a professional valuation for complex assets, like business interests. Getting estimates that both parties can agree on can help to reduce the risk of unnecessary delays during negotiations.
- Consider ADR: Alternative Dispute Resolution (ADR) options like mediation can help resolve disputes amicably without going to court, saving time and resources. ADR offers many additional benefits, including increased privacy and control over the final agreement.
Regardless of choosing to move forward with traditional divorce or ADR, each individual is wise to take steps to protect their interests during the divorce.
How do I protect my interests during divorce?
Even those going through the most amicable of divorces should take steps to protect their interests. Divorce is a complex legal proceeding that results in the division of all marital assets and debts. The divorce takes into account everything from real estate to business interests to retirement accounts. You can leave yourself open to unwelcome financial surprises after the divorce if you do not protect your interests during the process.
Although the best way to protect yourself will vary depending on the details of your situation, it is generally wise to keep clear records of all financial obligations and assets. It can also help to conduct a credit check to search for any unknown debts, watch the mail for signs of any new accounts, and review tax filings to make sure there are no surprises. Any issues during any of these steps could signal a red flag that may indicate a need to dig deeper for potential liabilities or hidden accounts that could impact your financial future.
Navigating the asset division process during a divorce in Ohio requires preparation, an understanding of legal principles, and a strategy tailored to protect your family’s interests. By taking proactive steps, couples can achieve a fair and efficient resolution that reduces the risk of surprises after the divorce is finalized.
