Property Division In Divorce – Ohio
This article will discuss property division in divorce for Ohio. What is property? 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.
Under Ohio Revised Code 3105.171 (R.C. 3105.171), there are nine factors that govern only the division of property:
- Duration of the marriage;
- The assets and liabilities of the parties;
- 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 representative awards to be made to each party;
- 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 parties; and
- Any other factor that the court expressly finds to be relevant and equitable.
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.
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