Medina Property Division Attorney

Divorce Lawyers Assisting With Dividing Marital Assets in Medina, Summit, and Wayne Counties

Ending a marriage can be a complex process, and spouses must resolve a variety of legal issues before they can complete the divorce process. One area that can cause a great deal of conflict is determining how to divide the property the couple owns. In these cases, the assistance of an experienced attorney can be essential.

The divorce lawyers at The Law Offices of Andrew M. Parker, LLC have 21 years of combined experience, and we can provide you with the legal help you need as you work to reach a resolution to your divorce. We will ensure that you understand your rights and requirements when dividing property while advocating for your interests throughout the divorce process.

Marital Property Vs. Separate Property

The first step in dividing property between divorcing spouses is determining whether property is considered marital property or separate property. Marital property is any property owned by the spouses that was acquired during the marriage by either spouse or by both spouses together. Separate property includes any property acquired by one spouse prior to the marriage, gifts or inheritances given solely to one spouse, or property identified as separate property in a prenuptial agreement.

Only marital property is subject to division between divorcing spouses. However, some issues may complicate the distinction between marital property and separate property. For example, passive income earned by separate property (such as interest on a bank account) is considered separate property, but income or appreciation related to separate property that was due to the labor or contribution of either spouse during the marriage is considered marital property.

Factors Involved in Dividing Marital Property

Ohio law states that marital property should be divided equally between spouses, although if an equal division of property would not be equitable, a court may divide property in a manner that it decides is equitable. Some issues that may affect the equitable distribution of property include:

• Both spouses are required to fully and completely disclose all marital and separate property, as well as their individual income, debts, and expenses. If a spouse fails to make a full disclosure, the other spouse may receive a larger share of marital property, and this award can be up to three times the amount of the non-disclosed property.
• If one spouse participates in any financial misconduct, such as the dissipation or destruction of marital property or an attempt to hide or conceal assets, the other spouse may be compensated with a greater share of marital property.

When determining how to divide marital property, a court will consider multiple relevant factors, including:

• The length of the marriage
• The liquidity of the assets owned by the couple, as well as costs related to selling assets in order to divide their value
• Whether a parent with primary custody of children wishes to retain ownership of the marital home
• The tax consequences of dividing marital assets
• Decisions made about dividing property in a separation agreement between the spouses
• Any other relevant factors

Contact a Medina County Divorce Attorney

When dividing marital property, it is important to ensure that these matters are addressed correctly, since the decisions made cannot be modified after the divorce has been completed unless both spouses agree to do so. Our family law attorneys can help you understand your rights and work with you to reach a resolution that protects your financial interests. Contact us at 330-725-4114 to learn more about how we can help. We assist clients in Brunswick, Wadsworth, Wooster, Rittman, Orrville, Akron, Fairlawn, Barberton, and surrounding areas. We do offer free consultations in most divorce cases.