Determining How to Divide Marital Property
Saying you are prepared to divide everything equally during the dissolution of your marriage is a positive step, but actually dividing your marital assets can be another matter entirely.
At the law firm of Plymale & Dingus in Columbus, Ohio, our experienced family law attorneys have guided many clients through the property division process in dissolution actions. If you have any questions or concerns, don't hesitate to contact us for a free phone consultation.
Understanding the Complexities Affecting Dissolution Settlements
Before filing for dissolution, you will need to come to a final property settlement with your spouse. You may have an agreement in principle to divide everything equally, but the details can be complicated. We are experienced at helping clients divide assets such as:
- Real estate: If you would like to retain the marital residence, you may need to refinance any liens on the property. If you want to sell the home but are currently upside-down on your mortgage, you may need to explore a short sale or consider a deed in lieu of foreclosure.
- Retirement accounts: Many people's pension plans, 401(k) accounts, IRAs and other retirement accounts are their most significant assets. Dividing retirement accounts may require a qualified domestic relations order (QDRO).
- Business interests: If selling a family-owned business or a share of a closely held business is not an option, we may need to conduct a business valuation and then distribute the business income through an installment settlement or through spousal support.
- Investment accounts: While shares in a publicly held company are typically easy to value and divide, investments in privately traded companies and funds may require more sophisticated approaches.
With the help of a knowledgeable lawyer, it should be possible to prepare a settlement agreement that both of you can agree on so that you can move forward with the dissolution process.
Seeking Creative Solutions to Asset Division Issues
Our attorneys have the experience and creativity to seek solutions to challenges in the division of property, businesses and retirement accounts. We have helped many clients achieve fair, beneficial dissolution settlements through our skilled counsel.
If the issues are complex enough, each spouse may want to hire a separate lawyer. This will not interfere with the dissolution as long as the issues are settled before filing.
Contact us today to discuss how we can help you achieve an appropriate division of marital assets between you and your spouse.
