Filing for divorce is more than simply splitting the marriage, it is splitting everything. All assets and debts will be divided during the divorce proceedings, but sometimes this can be complicated by individual property and community property. Most courts will use the rule of equitable distribution, meaning that each spouse will receive a fair portion of the property and debt.
“Community Property” is actually a specific legal doctrine that is not followed by Ohio courts. However, people often talk of community property when they talk about a divorce in Ohio. Community property, usually called marital property in Ohio, is any property that is jointly owned and therefore will be jointly split when filing for divorce. This includes real estate, personal property, savings, retirement accounts, and any debts acquired during the marriage. Spouses are considered to own this property equally, no matter who paid for the property.
Even in states that determine all property owned during a marriage to be community property regardless of who purchased it, there are exceptions. Community property does not include property given to one spouse as a gift, property inherited by one spouse during the marriage, property given to one spouse through a will or trust fund, property acquired before the marriage, or property acquired during a legal separation. This property won’t be divided during the divorce so long as it remained separate property during the marriage.
If you have a prenuptial agreement, filing for divorce and property division can be less complicated because certain agreements have already been determined. The prenuptial agreement outlines what will happen to the financial assets in case of a divorce and may help each spouse protect the individual assets they brought into the marriage. If the prenuptial agreement is valid, the court will order the property divided pursuant to the agreement.
Your lawyer is your best asset when splitting community property. When you are filing for divorce, your lawyer will help you make a list of all your debts and assets and will help determine how this property will be split. Your lawyer will help you understand what individual property may have become community property. Even in the most complicated cases, your lawyer can help advise you through the process.
Equitable doesn’t always mean equal. The judge will look at each case and the property facts and will make a determination as to the division of debts and assets. This will incorporate factors such as how long the marriage lasted, the age of each spouse, any income or property brought into the marriage, the standard of living during the marriage, any prenuptial agreements, each spouse’s current circumstances, and more.
When filing for divorce, your lawyer can help you wade through the property and financial split. The longer the fight over property lasts, the more expensive the divorce, and your lawyer can be an unemotional party to help you come to a settlement quickly and easily, and that will benefit everyone involved. If you’re going through a divorce and need guidance, please contact my office today.