When the decision has been made for a divorce, there’s not much left except dividing up assets and going separate ways. Every divorce is different, but each marriage has its share of property and debt. Dividing them properly and equitably in a healthy divorce takes time and patience.
The first task is to figure out what is community property and what is the sole possession of just one of the parties. Depending on how long the marriage existed, it can be a tricky proposition to sort all that out.
Community property will include any earnings acquired during the marriage, and any property derived from those earnings.
Separate assets include any gifts or inheritance obtained by one spouse, or any retirement funds or pensions that vested before the marriage. Separate assets can also include:
When thinking of divorce, we sometimes only think of what each side “gets,” not considering that shared debts also need to be settled up. Using the same logic by which assets were divided leads to a healthy divorce settlement.
While this assessment is done differently in other states, in Ohio, any court will be seeking to award debt fairly, but not necessarily equally. That means that each spouse will get debt awarded to them by their percentage. Of course, courts don’t have to worry about people “hiding” debt like they may try to with assets.
Of course the first question asked after the news is delivered is always “Who’s getting the house?” It’s a natural query, as the residence is usually the biggest piece of the asset pie. It’s a question determined by a number of different factors.
The first consideration is always the children. Typically, whichever parent is providing a majority of the care for the children is allowed to stay in the house.
After that, though, it can get murky. If one spouse owned the house outright, then they have the ultimate right to ask the other spouse to leave. If the home is joint-owned, then neither has a greater clear-cut claim to the house, and it will usually be determined by the courts.
There are a number of dirty tricks spouses like to try to play that you don’t find in a healthy divorce. Some spouses attempt to change the locks, keeping the other spouse out. Some even resort to trying to accuse their former spouse of domestic violence, which is one of the reasons an individual can be asked to leave a joint-owned home. When the request is valid, the courts will always remove an abuser, but making false allegations is also highly frowned upon.
If you find yourself in the middle of divorce proceedings, there are certainly ways to divide assets and debt and have a healthy divorce. Respecting the former spouse’s rights to enjoy the fruits of your time together is the proper path. Going through a divorce isn’t easy, but with the help of an experienced divorce attorney, you can move through the proceedings as quickly and painlessly as possible. Call my office today to get some helpful advice about your unique case.