One of the most quarrelsome matters during the divorce process is the division of marital property and assets. In the state of Ohio, you have there are several options available to settling marital property with your spouse.
When a couple is divorcing, the couple will have “marital property” to divide. Marital Property is all property that you and your spouse acquired during the marriage and property that both spouses contributed during the marriage. In most cases, divorcing spouses do not have to divide up “non-marital property.” Non-marital property is typically any property or assets that spouses acquire before marriage and property kept separate from the marriage. This may also include items that were received through an inheritance.
When you know which property must be divided in a divorce, you may utilize a few different approaches for determining how the property should be split.
- Reach a Mutual Decision. The optimal way to resolve property division matters is for the divorcing spousals to work together and make an agreement. Although it might be very difficult and emotionally challenging to split the assets, by reaching an agreement together, the court will be more inclined to honor the agreement.
- Mediation. When two spouses are trying to negotiate a property settlement agreement, it can be very helpful to use mediation services. A mediator helps to communicate the interests of the parties, which helps keep the emotions out of the negotiations. A mediator acts a neutral party to listen and communicate and help the parties come to an agreement on issues and property matters. It is always a good idea to have your legal counsel with you during mediation. A successful mediation is usually accomplished in one session or in a couple of sessions and phone calls.
- Have the judge to decide. In some cases, divorcing couples prefer to allow the judge to split the assets and property equitably. The judge will consider several factors in your marriage, such as:
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- Duration of the marriage
- The income of the spouses
- Other marital and non-marital property each spouse is receiving
- Which spouse will be the primary custodial parent
Allowing the court to rule of property should be your last option. However, many people find it helpful to have the court decide when spouses cannot agree on the specific property. Typically, the court will take over wherever the couple left off and determine an equitable arrangement.
If you are having a hard time trying to divide property with your spouse, Attorney Shannon Dawes can provide you with the guidance necessary. Contact Dawes Legal, LLC, at (614) 733-9999, to schedule a consultation regarding your divorce.