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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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