Ohio Divorce Property Divisions
This article will discuss Ohio divorce property divisions. Property can be real property, otherwise known as real estate. Property can also be personal property, which includes cash, financial and retirement accounts, vehicles, and household goods.
Ohio Divorce Property Divisions Factors
Under Ohio law, there are nine factors that guide Ohio domestic relations courts in Ohio divorce property divisions:
1. Duration of the marriage;
2. The assets and liabilities of the parties;
3. 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;
4. The liquidity of the property to be distributed;
5. The economic desirability of retaining intact an asset or an interest in an asset;
6. The tax consequences of the property division upon the representative awards to be made to each party;
7. The costs of sale, if it is necessary that an asset be sold to effectuate an equitable distribution of property;
8. Any division or disbursement of property made in a separation agreement that was voluntarily entered into by the parties; and
9. Any other factor that the court expressly finds to be relevant and equitable.
Post-Decree Ohio Divorce Property Divisions
The future modification of a property division is expressly prohibited, unless the parties give express written permission. What if you have an agreement providing for the payment of monthly household expenses that is meant to be a division of property? That agreement is not modifiable. However, the court cannot convert such payments to spousal support if the payor files bankruptcy to guard against discharge in bankruptcy. This is important as spousal support can be modified if the court retains jurisdiction and can be terminated in certain situations.
More Articles Authored By Attorney Daniel Gigiano
To read more, click on the following links to my other articles on property division, divorce and dissolution: personal property and real estate division for unmarried couples in Ohio, personal property and real estate division in Ohio divorces, evaluating and dividing a business in an Ohio divorce, retirement benefit issues in an Ohio divorce, and divorce and taxes in Ohio.
Attorney Daniel Gigiano. Experienced. Aggressive. Knowledgeable.
Attorney Daniel Gigiano is a Medina Divorce Attorney, with his office located in Wadsworth, Ohio, litigating the division of property in Medina County Domestic Relations Court, as well as other local domestic relations courts. Attorney Daniel Gigiano has successfully found ways to modify property divisions in post-divorce decree situations utilizing contempt powers. If you have questions about this or other questions you need answered by an experienced divorce attorney, please call Attorney Daniel Gigiano at 330-336-3330.