Throughout a marriage in Ohio the couple may gain more and more assets. These assets could be real property like homes, automobiles and also include bank accounts and retirement accounts. As the couple gain or grow these assets they are creating marital property and if the couple divorces they will need to divided all of these marital assets. The property division process can take some time because the couple will need to gather statements for financial accounts and perhaps have businesses and homes appraised to determine their values.
During a marriage in Ohio, couples can acquire various property and assets. Sometimes the property and assets are owned jointly by both spouses and sometimes the property is held in only one spouse's name. However, it does not matter which spouse's name is on the title or the account according to the law the property and assets are marital property. This is because the law assumes that both spouses contributed in some way to earn the income and purchase the assets.
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.