Seeking Fair Property Outcomes in Divorce
Untangling the property, debt and asset relationships that have been built up between a married couple can be one of the most difficult and complex aspects of divorce. If the spouses cannot agree on a settlement, these issues can be particularly hard to sort out.
At the law firm of Plymale & Dingus in Columbus, Ohio, our experienced family law attorneys protect our clients' interests in property division cases. We fully investigate all of the relevant issues to make sure we have what we need to pursue a fair outcome.
To learn what we can do to help you achieve your property division goals, contact us for a free phone consultation.
Understanding Equitable Distribution of Marital Property
In Ohio, most property acquired by either spouse during a marriage is commonly considered marital property (no matter whose name it is in). On the other hand, assets either spouse owned before the marriage, as well as inheritances, are generally considered separate property.
When a married couple divorces, the court has the authority to divide all of their marital property in the interests of fairness. This is known as equitable distribution.
Debts can also be considered either marital or separate. However, if one spouse incurred certain types of debts — such as gambling debts — without the other spouse's knowledge or consent, the court may allocate those particular debts to the spouse who incurred those debts.
One major issue in asset division often involves the commingling of marital and separate property. Placing separate funds in a joint bank account or titling inherited properties in both spouses names may convert them from separate to marital property.
Working Through All of the Complexities of Your Case
Many of the complexities that arise during the property division process in divorce cases are similar to those that arise during dissolution settlements, including division of real estate, retirement accounts and business interests. We are experienced at dealing with these issues and work closely with clients in determining how best to allocate these items, taking into account the possible tax consequences associated with a particular division.
We also carefully advise our clients on the possible consequences of debt division, including the possibility that if one spouse defaults on a debt, the creditor may pursue collection from the other.
To discuss what the experienced lawyers at our firm can do to guide you through the property, debt and asset division process, contact us today.
