You have filed your divorce petition, and you are happy to be one step closer to breaking free from your marriage. However, you are also worried about how you and your soon-to-be ex will split your marital property.
The reality is, property division is not always straightforward in the state of Ohio. Here is a rundown on how the courts handle the division of marital property in the Buckeye State.
Equitable property distribution
Ohio is an equitable property distribution state. Therefore, the divorce court will determine a fair manner of dividing the property that you and your spouse have accumulated over the course of your marriage. For instance, if your spouse earned more money than you did while you were married, he or she may receive two-thirds of your shared property. Meanwhile, you would receive the remaining one-third. The court will also divvy up your shared debt in what it considers to be a fair manner.
The approach described above is quite different from that used in community property states. In these states, courts generally divide property down the middle so that both parties receive half of their shared assets.
What will happen to your home?
Your circumstances will ultimately dictate who gets to keep your family home following the divorce. As an example, if your future ex-spouse receives custody of your children, then he or she will most likely retain the house. Meanwhile, if you purchased the home before walking down the aisle and you did not have children with your spouse, then you can keep the home and ask your future ex to vacate it.
Your rights when tackling property division
The ideal situation when you are dealing with the division of property in Ohio is for both you and the other party to arrive at an agreement regarding the splitting of your assets. This is possible through negotiation or divorce mediation, which can be less stressful than traditional divorce litigation.
However, if finding common ground in this area seems impossible for both of you, then you have no option but to rely on a judge to split your property for you. Still, either way, a divorce attorney can guide you in pursuing the most personally favorable outcome possible in light of your financial situation.