Medina Property Division Lawyer
Divorce Attorney in Wayne County for Marital Asset Valuation and Distribution
At Erb Legal LLC, we are dedicated to helping clients in Medina County and Wayne County with every element of their divorce cases, including the identification, evaluation, and division of marital property. In order to reach the equitable outcome required by Ohio law, all of a divorcing couple's assets and debts must be accounted for, and each must be assigned an accurate value. Our skilled lawyers are well versed in the statutes that govern asset division in Ohio, and we have the tools to help you throughout the process.
Identifying Marital Property in Medina County Divorce Cases
According to Ohio law, marital property must be divided equitably between the spouses during a divorce. It is important to understand that "equitable" does not always mean "equally." In an equitable distribution state like Ohio, the court will allocate marital property based on a consideration of each spouse's circumstances. Before the marital estate can be divided, however, the court must first identify which assets and debts are considered marital property.
In Ohio, marital property is virtually any property acquired by either or both spouses during the marriage, including:
- All real or personal property owned by either or both parties;
- Any interest that either or both parties have in any real or personal property; and
- Any income or increase in value on separate (non-marital) property due to the efforts or work of either or both parties during the marriage.
Separate property, by comparison, is not subject to division during the divorce and generally includes property acquired before the marriage, inheritances, gifts to one spouse, and proceeds for pain and suffering from a personal injury claim. It could also include property obtained during the marriage that is kept separate. A prenuptial agreement may also specify that certain property should be treated as separate in the event of divorce.
Valuating and Dividing the Marital Estate
Assigning a value to certain types of property is fairly straightforward. For example, it is easy to determine how much money is in a savings account. Other assets, such as retirement investments, business holdings, and even the marital home, are more complex. At Erb Legal LLC, we recognize that determining an asset's value may require the help of outside professionals. Our attorneys will guide you in finding the right experts and reaching an agreement regarding asset valuation whenever possible.
Once the marital estate has been identified and evaluated, the court must divide marital property in a manner that is fair and just to each spouse. The court will take a number of factors into account, including:
- Each spouse's financial situation, assets, and debts;
- The length of the marriage;
- How easy or difficult it will be to divide specific assets;
- The appropriateness of awarding the marital home or the right to stay in the marital home to the party with primary parental responsibilities;
- The tax consequences of the asset division process;
- The terms of any prenuptial or separation agreement; and
- Any other factor the court finds to be relevant.
In certain situations, the court may order payments to be made out of one party's separate property to facilitate the equitable division of marital property. These payments are called "distributive awards" and may also be used in lieu of dividing the marital estate at the court's discretion.
Schedule a Free Consultation Today
If you have questions about the property division process in Ohio, contact Erb Legal LLC for guidance. Call (330) 446-3606 for a free, no-obligation consultation with a member of our experienced team. We serve clients in Medina, Brunswick, Wadsworth, Wooster, Orrville, Northlawn, Akron, Summit County, Wayne County, and Medina County.
As your advocates, we look after your best interest and we will work tirelessly to achieve your goals.
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