How Is Property Divided After a Divorce?
Ohio statutes define marital and separate property. By applying the statutory rules and appropriate case law, the court determines what is and what is not marital property. The marital property is to be divided equally, unless the court explains in writing why an equal division would not be fair. In making the award, the court must apply the eight specific factors listed in Ohio Revised Code Section 3105.171 and any other factor it finds relevant and equitable.
The court also has the authority to make a distributive award from separate property of either party to the other to achieve a fair result. When a party has engaged in financial misconduct such as hiding property, dissipating money or funds, or disposing of funds fraudulently, the court may make an award out of the separate property of the offending spouse or make a greater award of marital property to compensate the other party.
SEE 3105.171 Equitable division of marital and separate property – distributive award.
What Is Considered Marital Property During a Divorce?
Marital property is property acquired during the marriage, including real estate, personal property or intangible property such as stocks and bonds, bank accounts and retirement plans. Marital property also may include increases in the value of separate property due to either spouse’s work effort, labor or contribution of marital money to the increase in the property’s value.
What Is Considered Separate Property During a Divorce?
Separate property includes all real, personal and intangible property from an inheritance; property owned before the marriage; income or appreciation from separate property not resulting from the labor or substantial effort of either party during the marriage; a gift after the marriage date that is proved to be made to only one spouse; and an award for personal injury, except any part of the award that compensates for lost wages occurring during the marriage, or medical bills from the injury paid with marital funds.
Protecting the family-owned business
If you own a family business it may be subject to valuation. Financials and company data may be requested such as financial statements, income tax returns, accounts receivable, fixed asset and depreciation schedules, accounts payable and other company data.
Protecting the high net worth client and stock options
To protect your financial investments, a strategic asset protection plan is key. Details of the profit sharing, ESOP and restricted stock plans must be reviewed in detail.
