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I’m Getting Divorced, is there a Difference between
Marital Property and Separate Property
One of the most important aspects of every divorce and dissolution is the equitable division of marital property and separate property between the spouses. Ohio law presumes that only property acquired during the marriage is subject to division and that each spouse is considered to have contributed equally to the production and acquisition of marital property, regardless of each spouse’s financial contribution to the marriage.
Christopher M. Alexander has represented hundreds of clients over the past 25 years in divorce, dissolution and post decree modification and enforcement actions. When you need a skilled and experienced family law lawyer to ensure the equitable division of marital property and separate property, contact Christopher M. Alexander, Esq. at (513) 228 – 1100 or chris@alexander-legal.com.
How are Marital Property and Separate Property Divided?
It is important to point out that within reason, local Judges will not disturb a property agreement between spouses detailing the division of their property in a divorce or dissolution so long as both spouses believe it to be fair and equitable. However, if spouses are unable to agree upon the equitable division of property, the Court will divide marital property and separate property based on the following factors:
The duration of the marriage
The assets and liabilities of the spouses
The desirability of awarding the family home, or the right to reside in the family home for reasonable periods of time, to the spouse with custody of the children of the marriage
The liquidity of the property to be distributed
The economic desirability of retaining intact an asset or an interest in an asset
The tax consequences of the property division upon the respective awards to be made to each spouse
The costs of sale, if it is necessary that an asset be sold to effectuate an equitable distribution of property
Any division or disbursement of property made in a separation agreement that was voluntarily entered into by the spouses
Any retirement benefits of the spouses, excluding the social security benefits of a spouse except as may be relevant for purposes of dividing a public pension
Any other factor that the court expressly finds to be relevant and equitable
What is a Distributive Award
In limited situations, the Court can make a distributive award from either marital property or from one spouse’s separate property to the other spouse in order to achieve equity between the spouses. For example, if one spouse engages in financial misconduct, such as dissipating, destroying, or concealing assets or by failing to disclose assets, the Court may compensate the offended spouse with a distributive award or with a greater share of marital property.
Contact Alexander Family Law
Christopher M. Alexander has represented hundreds of clients over the past 25 years in divorce, dissolution and post decree modification and enforcement actions. When you need a skilled and experienced family law lawyer to ensure the equitable division of marital property and separate property, contact Christopher M. Alexander, Esq. at (513) 228 – 1100 or chris@alexander-legal.com.