It is quite common for those preparing for divorce to feel anxious about the future. Financial uncertainty is especially common. People don’t know what they may have to pay for divorce or what might happen with their property.
Spouses preparing to file for divorce and those responding to a pending divorce case need to understand the basics of the property division process. Awareness of how the courts handle marital property might make it easier for people to secure fair and reasonable terms when they divorce.
What assets are divisible?
The first question many people ask is what property they actually need to split with their spouses. Some couples have already answered that question by drafting prenuptial or postnuptial agreements. Unless there is a marital contract in place, standard state laws apply.
The marital estate typically consists of all income earned during the marriage and any assets acquired with that income. Spouses may be able to claim that certain resources are their separate property. Inherited property, gifts and assets owned prior to marriage are all potentially separate property that spouses can protect from division when they divorce.
What is the property division standard?
Some states have community property rules that require a 50/50 split of assets. Others have equitable distribution statutes that focus on fairness. Ohio falls into the latter category.
If spouses disagree about property division matters, the courts begin with a presumption that an even split is fair. However, spouses can present documentation showing that an uneven division of property is necessary for an equitable outcome.
Judges have the authority to divide retirement accounts, order the sale of real estate or assign ownership of vehicles to either spouse. Even assets technically held in the name of one spouse may still be subject to equitable property distribution rules if the spouses acquired those resources during marriage or with marital income.
Reviewing financial records and an inventory of assets with a family law attorney can help people understand what to expect during divorce. Whether spouses litigate property division matters or settle with one another, fair outcomes are possible.