Franklin County Property Division Attorney

Helping Clients Divide Their Assets in Ohio

Navigating the complexities of property division can be a challenging aspect of any divorce proceeding. At Catherine M. White, Attorney at Law, we know the importance of securing your financial future during these difficult times. Our property division lawyers in Franklin County are committed to advocating for your rights and ensuring a fair and equitable distribution of assets.

Ready to protect your assets? Contact us today at (614) 426-8720 for a consultation with an experienced property division attorney in Franklin County.

What is Property Division?

Property division is considered a critical component of the divorce process, involving the fair distribution of assets and liabilities between spouses. This division is not solely about physical property; it extends to financial assets, debts, and even retirement accounts. The goal is to reach an equitable distribution, considering various factors unique to each case.

How is Property Divided in Ohio?

Ohio follows the principle of equitable distribution when it comes to dividing marital property. Equitable does not necessarily mean equal; instead, the court strives for a fair distribution based on various factors outlined in Ohio Revised Code Section 3105.171. These factors include:

• Duration of the marriage: The length of the marriage often influences how property is divided. Longer marriages may lead to a more complex evaluation of shared assets.
• Assets and liabilities: The court considers the nature and value of all assets and liabilities, including real estate, personal property, bank accounts, investments, and debts.
• Economic contributions: The financial contributions of each spouse to the acquisition, preservation, or appreciation of marital property are carefully examined.
• Spousal support: If one spouse is entitled to spousal support, it can impact the property division. The court evaluates the duration and amount of spousal support when determining the equitable distribution of assets.
• Tax consequences: The potential tax implications of property division are considered to ensure a fair allocation of assets.
• Custodial arrangements: If children are involved, the court may consider the custody arrangements when dividing property to maintain stability and support for the children.

Marital vs. Separate Property

When going through a divorce, one of the first things that must be clarified is the distinction between marital and separate property.

• Marital Property: This includes assets acquired during the marriage, such as the family home, cars, joint bank accounts, and retirement funds. Marital property is subject to division in a divorce.
• Separate Property: Assets owned by either spouse before the marriage or those acquired through inheritance or as gifts. Separate property typically isn’t divided unless it has been mixed with marital property, like using an inheritance to buy a joint home.

Protecting Separate Property
It’s crucial to protect separate property during divorce proceedings. Here’s how:

• Keep clear documentation of assets you brought into the marriage.
• Avoid mixing separate property with marital assets (e.g., putting separate funds into a joint account can turn them into marital property).
• If separate property is mistakenly considered marital, working with a skilled attorney can help challenge this classification.

Valuation of Assets

How Assets Are Valued
Valuing assets accurately is essential for a fair property division. Different types of property are assessed in various ways:

• Real Estate: Often appraised to determine current market value.
• Businesses: May require a business valuation expert to assess its worth, especially if it was started or grown during the marriage.
• Investments: Stocks, bonds, and other financial assets are valued based on their market value at the time of division.

Appraisals and Expert Opinions
For assets that are difficult to value, experts may be needed:

• Appraisals: Real estate and valuable personal property often require professional appraisers to ensure accurate valuation.
• Business Valuations: An expert accountant or financial analyst may be called upon to determine the worth of a business or partnership.

Division of Debts

Equitable Distribution of Debt
Just like assets, debts acquired during the marriage (such as credit card debt, mortgage, and loans) must also be divided. Ohio uses equitable distribution, meaning debts will be divided fairly, but not always equally.

• Debt Distribution: Each spouse may be responsible for a portion of the marital debt, taking into account factors like income and contributions during the marriage.

Impact of Debt on Property Division
Debt plays a major role in property division:

• Impact on Assets: Debts can reduce the total value of marital assets, as they need to be settled before assets are divided.
• Post-Divorce Financial Stability: High debts may affect one spouse’s ability to rebuild financially after the divorce, influencing how assets are allocated.

Frequently Asked Questions (FAQ)

• What is the difference between marital and separate property in Ohio?
  In Ohio, marital property is anything acquired during the marriage, while separate property is what one spouse owned before the marriage or received as a gift or inheritance. Marital property is divided during a divorce, but separate property generally isn't unless it has been commingled or used for joint purposes.
• How is property valued during a divorce?
  Property is typically valued based on its fair market value. Real estate may need an appraisal, while investments like stocks and bonds are valued based on current market rates. Businesses may require a professional valuation to assess their worth accurately.
• What happens if a spouse doesn’t want to divide property fairly?
  If one spouse refuses to agree on a fair division, the court will intervene and make a determination based on Ohio's laws of equitable distribution. An attorney can help ensure that your interests are represented and protect your share of assets.
• How does debt impact the division of property?
  Debt incurred during the marriage, such as credit card balances or mortgages, will be considered along with assets. The court ensures that both assets and debts are divided equitably, but not necessarily equally, based on factors like income and contributions.
• Can I protect my separate property during a divorce?
  Yes, to protect separate property, it’s important to have clear documentation proving it was owned before marriage or obtained as a gift/inheritance. Avoid mixing separate property with marital assets, and consult an attorney if there’s any confusion during the divorce process.
• Do I need an attorney to handle my property division in Ohio?
  While it's not required, working with an experienced attorney ensures that your rights are protected and that assets and debts are divided fairly. They can guide you through the process, help with negotiations, and represent you in court if necessary.
• What is a Qualified Domestic Relations Order (QDRO)?
  A QDRO is a legal order used to divide retirement accounts or pensions during a divorce. It ensures that a spouse receives their fair share of these accounts without triggering tax penalties.

Contact Our Property Division Lawyer in Franklin County Today

When facing the challenges of property division, having a knowledgeable attorney by your side is crucial. At Catherine M. White, Attorney at Law, our Franklin County property division attorney, is committed to delivering you with the personalized attention and legal representation you deserve. We are here to guide you through every step of the process and advocate for your fair share. Call us today to schedule your consultation and take the first step towards a brighter tomorrow.

Navigating property division in divorce can be complex. Contact us now at (614) 426-8720 and get the legal guidance you need.