Ohio residents who are going through a divorce are likely to become familiar with a crucial legal term: “marital assets.” Outside of child custody and support issues, the division of marital assets is likely to be among the most important issues for most people in a divorce. Why? Well, after years of marriage, you want to make sure that one gets their fair share during the property division part of a divorce.
However, getting a fair share may be more difficult than many people might think at first. One reason is because of the definition of what exactly is included in the marital assets. Some spouses may claim that certain property is not a part of the assets that should be split because they are not owned jointly. Such a claim could be successful in setting aside the property at issue, thereby reducing the total amount of assets that would be subject to the “equitable distribution” of the marital assets.
Once the exact nature of the marital assets has been determined, the “equitable distribution” part can begin. Unfortunately, this can present another legal obstacle to overcome. In Ohio, “equitable distribution” does not mean that there will be a 50/50 split of the marital assets. The divorce court must consider may different factors in determining how much each spouse should receive in the property division process.
At our law firm, we know that most people are experiencing a wide range of emotions and stress during a divorce. We do our best to attempt to make sure that our clients are getting the right information about their own unique circumstances so that they can make the best possible decisions, especially in the property division part of the divorce. For more information about how our law firm attempts to help Ohio residents in these types of cases, please visit the property division overview section of our website.