Columbus Property Division Attorneys
Legal Guidance You Can Trust, Serving Clients Throughout Central Ohio
A divorce involves completely separating from the person you have shared your life with. Most likely, you and your spouse have acquired a significant amount of property during the course of your marriage. Property division is an important aspect of a divorce case, and it can be complicated (especially in cases of contested divorce or high-net-worth divorce). For assistance with every aspect of your divorce, including property division, you can count on Kemp, Schaeffer & Rowe.
Facing a complex divorce? Contact us today at (614) 665-5833 to speak with our experienced property division attorneys. We’re here to guide you through every step of the process.
Who Receives the Property in an Ohio Divorce?
Before dividing the assets, it is necessary to classify an asset as either separate or marital property. There is a presumption that all property owned by the spouses is marital property. The exception is separate property. Marital property is divided between the parties in a divorce, while separate property is not usually divided, except in the case where a party has committed financial misconduct.
The distinction between separate and marital property is relatively straightforward. Property owned before the marriage is considered separate, while property acquired after the marriage is considered marital. Gifts and inheritances may be considered separate property, even if they were received during the marriage. This will depend on the ability of the spouse asserting the claim of separate property to trace the property owned before the marriage, the gift, or inheritance and the passive growth or appreciation as to whether that spouse will be successful in being awarded his or her separate property by the court. Settlement negotiations can also turn around this distinction of marital versus separate property..
Determining what constitutes separate or marital property can be more complex than it initially appears. For instance, a 401(k) account belonging to one spouse may be considered separate property since it was obtained before the marriage. Still, any funds contributed after the marriage and the passive growth on those funds can become marital property. Similarly, a house owned by one spouse prior to the marriage may become marital property—at least partially--if a mortgage is paid or significant renovations are made during the marriage which increase the home's marital equity or fair market value. Tracing and proving these values to a court or to the other spouse’s attorney requires an awareness and sensitivity to these issues, which are regularly litigated by our attorneys
To determine which portion of an asset is separate or marital property, it is essential to analyze each asset's value thoroughly. This process requires asking the right questions, which is where the leadership of an experienced domestic relations attorney is invaluable. At KSR, we understand how to navigate complex asset division matters and ensure that our clients' interests are protected.
Marital Property vs. Separate Property
During a marriage, the assets and debts of spouses can seem impossible to separate. In order to simplify the process of property division in the event of divorce, property is classified as either “marital” or “separate.”
- Marital property, also known as community property, includes anything that the couple acquired after getting married. This can even include things that either spouse bought or earned on their own — if it was bought or earned during the marriage, it may be considered marital property.
- Separate property includes anything that each spouse acquired before getting married. Some items acquired during the marriage may be considered separate property, such as inheritances and gifts.
Factors Affecting Property Division in Ohio
When it comes to dividing property in a divorce, Ohio courts use equitable distribution. This means that property is divided fairly, but not necessarily equally, based on the circumstances of the case. Courts consider several factors before making a final decision about property division:
- Length of the Marriage: The longer the marriage, the more likely it is that property will be divided more equally.
- Contributions to the Marriage: Both financial and non-financial contributions are considered. Non-financial contributions, such as homemaking and raising children, are valued just as much as financial support.
- Economic and Non-Economic Contributions: This includes income earned, property purchased, and efforts made by either spouse that benefited the family, such as caring for the home or managing finances.
- Debt and Assets: The court also takes into account the debts incurred during the marriage, not just the assets. The goal is to ensure a fair division that considers both sides’ financial futures.
- Spousal Support (Alimony): If one spouse is awarded spousal support, this can also affect how property is divided. The court may adjust property division to make up for an unequal distribution of assets when alimony is involved.
High-Net-Worth Divorce and Complex Property Division
Dividing property in high-net-worth divorces presents unique challenges. These cases involve complex assets that require special consideration:
- Business Ownership: If one spouse owns a business, it may need to be appraised to determine its value, which can affect the overall division of assets.
- Investments and Real Estate: Real estate holdings and investment portfolios also need to be valued and divided fairly, requiring professional appraisals.
- Retirement Funds: Pensions, 401(k)s, and other retirement funds can be significant parts of a divorce settlement. Dividing these accounts requires a detailed understanding of tax implications and fund valuation.
Special strategies, such as creating trust arrangements or negotiating asset protection plans, may be used to ensure that large assets remain protected during divorce.
Retirement Accounts and Pensions
When it comes to retirement accounts, such as 401(k)s, IRAs, and pensions, these are typically considered marital property if the contributions were made during the marriage.
- Qualified Domestic Relations Orders (QDROs): A QDRO is required to divide retirement accounts. This court order ensures that the division of funds is legal and complies with the rules of the retirement plan.
- Impact on Long-Term Planning: Dividing retirement accounts during divorce can impact both spouses’ financial futures. It’s important to carefully evaluate how the division of these assets will affect retirement plans and long-term security.
An experienced attorney can help navigate the complexities of dividing retirement funds and ensure that the process is handled fairly.
Need help dividing assets in your divorce? Contact us now at (614) 665-5833 for a consultation with our expert team. Let us protect your rights and secure a fair outcome.
Five-Star Client Testimonials
In Their Own Words
At KSR Legal, we prioritize your experience, and it shows. Read some of our client reviews below, or call us at (614) 665-5833 to get started.
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"Highly Recommended!"
We couldn't be more thankful. Steven definitely made the process very easy and as stress-free as possible.
- Maria J. -
"The Best Family Law Attorney!"
Matthew is very professional & knowledgeable. He has helped me in many ways with obtaining shared parenting with my child. He is very professional with time management of deadlines in all cases and really is a overall great attorney to hire for all fam
- Former Client -
"Top-Notch Service!"
KSR is amazing and they are my go-to lawyers!
- Don B. -
"Fantastic Experience!"
Steve is great and willing to help in any way he can!! Suzette doesn't skip a beat, and keeps it all on track!!!
- Heather L. -
"A Great Experience"
I was very pleased with Mr. Yarmesch, He stayed in contact with me, and returned my phone calls and emails promptly. Most importantly he negotiated a satisfactory outcome.
- Former Client
How is Property Divided in Ohio?
You and your former spouse may already have an agreement on how you want to divide your property (such as in a prenuptial agreement). If not, you will need to decide on this as part of your divorce, or the court may make the decision for you.
The assets owned by you and your spouse and the debts you share will be split up in a way that is considered equitable. While this may mean that you and your spouse do not receive truly equivalent shares of your property, the goal is to reach an agreement that is considered fair based on your income, employment, support obligations, and more.
Generally, any separate property will be given to the spouse that owned it before they were married. Marital property will be divided equitably, as negotiated by the spouses or determined by the court.
Frequently Asked Questions (FAQ)
- How does Ohio determine who gets the family home in a divorce?
In Ohio, the family home is typically considered marital property if it was acquired during the marriage. The court will assess the value of the home and the circumstances of each spouse to decide if one spouse will keep the home or if it will be sold and the proceeds divided. Factors like each spouse's financial stability and living arrangements may influence the decision. - Can I keep property that was given to me as a gift or inheritance during the marriage?
Yes, gifts and inheritances that were given to you individually are generally considered separate property in Ohio, provided they were not commingled with marital property (for example, if the inheritance was deposited into a joint account). However, you may need to prove this to the court. - Will I have to pay taxes on property I receive in a divorce?
While property divisions themselves are typically not taxable, you may face tax implications when transferring or selling certain assets, such as real estate or retirement accounts. For example, if you receive a 401(k) account, you could owe taxes when you withdraw the funds. Consulting a financial advisor can help you understand these potential tax consequences. - Can I challenge a property division decision made by the court?
Yes, if you believe that the property division was unfair or based on incorrect information, you can request a modification or appeal the decision. This is especially important in complex cases where assets might have been improperly valued or accounted for. - How can I protect my assets before filing for divorce?
To protect your assets, you may want to consider legal strategies like drafting a prenuptial agreement or postnuptial agreement if you’re married or preparing for a divorce. Additionally, keeping separate accounts for personal assets and understanding the legal aspects of your property can help safeguard your interests. - What happens if one spouse hides assets during the divorce?
Hiding assets during a divorce is illegal and can have serious consequences. If one spouse is found to have intentionally concealed property or income, the court may penalize them by awarding a greater share of the marital property to the other spouse. In cases involving mediation, both parties are encouraged to be transparent in order to reach a fair agreement. Failure to disclose assets could also result in contempt charges or other legal repercussions, so it's crucial to be honest throughout the divorce process. - How long does it take to divide property in an Ohio divorce?
The timeline for property division can vary depending on the complexity of the assets and whether both parties agree on the division. In a simple case, it may take a few months, but if there are contested issues, it could take longer. A skilled divorce attorney can help expedite the process.
