Cleveland Property Division Lawyers
Equitable Property Division Solutions for Cleveland Residents
Property division is often one of the most contentious aspects of a divorce. Deciding how to distribute marital assets can be incredibly challenging, particularly when the parties disagree, or those assets hold significant value.
The outcome of your property division case could impact your financial stability for the rest of your life. At Laubacher & Co., we will work with you to protect your rights and fight for an equitable outcome in your case.
How Does Property Division Work in Ohio?
The court will usually distribute your property according to signed Separation Agreement. This contract details your rights and divides up your property. It may also address spousal support and alimony.
TA Separation Agreement is vital to allocate any joint debts, marital property, and/or parental rights and responsibilities. This will establish which party keeps which asset, what each party is responsible for paying, and how time with your children will be determined while your divorce is pending. This will also establish the date of separation and facilitate your divorce proceedings.
If you and your spouse are unable to reach an agreement on property division, the court will identify the marital assets, may assign a monetary value to your assets and debts, and then equitably distribute them.
The court considers the following factors for the distribution:
- How long you were married;
- Each spouse's assets and liabilities;
- The desirability of awarding a family home or the right to live in the house for reasonable periods of time to the spouse who has custody of any children of the marriage;
- Liquidity of the property that will be distributed;
- Economic desirability of retaining any asset interest or intact property;
- Tax consequences;
- Applicable sales costs;
- Division or disbursement of any property following a separation agreement entered into voluntarily, and;
- Other factors the court finds relevant.
Property division is often one of the most complicated aspects of a divorce, in part because of the amount of time the process can take.
For example, as part of property division, you must provide the court with an exhaustive inventory of all of the personal and marital assets and liabilities you own. Collecting that information can take a significant amount of time.
Property division also has the potential to dramatically impact your life long-term. For example, whether you get to keep the marital home or not post-divorce could significantly change your finances. You might move into a different tax bracket post-divorce if there was an earning discrepancy between you and your partner. Finally, purchasing new assets in the wake of a property division case can be costly.
At Laubacher & Co., we will work with you to ensure you pursue an optimal outcome in your property division case.