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Medina County divorce attorney asset division

While the overall divorce rate in the United States has declined over the past few decades, it has actually increased for one demographic: people over the age of 50. In these cases, which are commonly known as “gray divorces,” there is a wide variety of complex issues that spouses will need to consider as they legally dissolve their marriage, including determining how to divide marital property. This can be a major concern for those who are close to retirement age or who have already retired since they will need to determine how to maintain financial stability so they can support themselves once their divorce is complete. However, no matter your age, retirement savings and benefits are an important issue to address during the property division process in Ohio.

Dividing Retirement Accounts and Pension Benefits

Marital assets include any money or property earned or acquired by either spouse after they were married and before they were legally separated, and these assets must be divided as equally as possible between spouses during an Ohio divorce. If a retirement account such as a 401(k) or IRA was created during a couple’s marriage, or if contributions were made to an account while the spouses were married, this account will typically be considered marital property. Likewise, if a spouse worked in a pension-eligible position while married, his or her pension benefits will be subject to division between the spouses.

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Wooster property division attorney

Dividing marital property and assets can be one of the most contentious parts of divorce proceedings. Some divorcing couples can agree on how to divide their assets, while others argue over every decision made during the property division process. Seeing the life that you built with your former spouse be split up between the two of you can be difficult. Deciding who gets to keep the marital home can be a tough task, both emotionally and financially. It is often assumed that one spouse will take the house while the other party finds another place to live. This may be one of the most common arrangements, but there are various ways that an experienced divorce attorney can work with both spouses to find a solution that benefits everyone.

What Are My Options?

There are three basic ways that the marital home can be evenly “divided” between spouses in an Ohio divorce. These decisions can vary depending on the spouses’ emotional connection to the home, their financial investment in the house, and whether or not they wish to raise their children there. The means by which the house will be divided can be determined by the divorcing couple, with the help of their attorneys, to ensure that the arrangement is fair for both sides. The arrangements may include:

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