Ending a marriage in Ohio may cause stress, especially when figuring out how to divide everything you accumulated.
The courts rely heavily on the equitable division principle. This term may seem somewhat foreign, but there is a reason why the law favors this type of split. Luckily, the attorneys at Johnson & Core, LLP have the expertise and knowledge to help you get an idea about your post-divorce property situation.
Dividing property and assets fairly
The foundation of equitable division is making sure each party gets a fair amount of the marital pot. Things like homes, property, assets, and cash cannot always wind up splitting evenly. The court considers many factors when determining an equitable share for the parties. Some of the elements that contribute to the decision include:
- Property type and where it originated (gift, inheritance, purchase, etc.)
- Each spouse’s contribution to the marriage, financially and emotionally
- The resources available to each after the divorce
Keeping this in mind during negotiations may aid in compromise allowing both parties to come out with a fair share.
Money is not the only thing the court divides this way
Many couples may take out loans and use credit cards to make purchases. Debt is another thing that a court separates using equitable distribution. If a piece of property has a mortgage that neither party wants to assume, it may need selling. One party may have better financial footing, and therefore, may wind up with more of the debt than the other.
No two divorces are identical, which is one reason why understanding how the process may work for you is vital. Our website offers more information on this issue and other pre and post-decree matters of concern.