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Medina County divorce attorney asset division

When you and your spouse got married, you joined your lives personally and financially. Separating your lives through divorce also involves separating your finances. The division of assets and debts is often one of the most consequential aspects of the divorce process. The fewer assets and liabilities a couple has, the simpler this process typically is. Complex assets and investments or a high net worth will greatly complicate asset division during a divorce. If you have a complicated financial situation and you plan to end your marriage, working with a skilled divorce lawyer is highly recommended.

Marital and Separate Property that Has Been Commingled  

Ohio is an “equitable division” state, which means that marital property is divided fairly between the spouses based on factors including each spouse’s property, debts, and earning potential, the duration of the marriage, and tax consequences. Only property contained within the marital estate is divided by Ohio courts in a divorce. Property that is classified as “separate property” is assigned to the spouse who originally owned the asset. Marital property is the property that was acquired during the marriage. Separate property includes property acquired before the marriage, inheritance, passive income from separate property, and property acquired after a legal separation.

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Medina County family law attorney prenuptial agreement

When you get married, you and your spouse will not only be making the commitment to spend your lives together, but you will be entering into a legal partnership that affects the income you earn, the property you own, and much more. This means that if your relationship breaks down in the future, and you decide to get a divorce, you will need to address multiple types of financial and legal issues, including dividing the marital property you own together. Even though you probably do not want to think about the possibility of divorce when you are planning to begin your new life as a married couple, considering these issues can help you avoid difficulty and uncertainty in the future. By creating a prenuptial agreement, you can make decisions about these financial issues and provide yourself with protection if your Ohio marriage does not last.

Situations Where a Prenup Can Be Beneficial

A prenuptial agreement (prenup) will typically involve financial issues related to property, debts, income, and financial support. It may make decisions about how a couple’s property will be divided in the event of a divorce, or it may state that certain assets are considered marital property, while other assets are separate property that will be owned by one spouse. A prenup can also decide whether one spouse will pay spousal support to the other in the event of a separation or divorce, as well as the amount of these payments and how long they will last.

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