Division of Assets and Debts Archives | Page 2 of 2

May 16, 2016 In Division of Assets and Debts By Beth Silverman

Cincinnati Family Law & Divorce Blog: How Will My Retirement Be Divided?

In a divorce or dissolution, the parties will divide their marital assets. Often, the largest and most valuable assets accumulated during the marriage are their retirement accounts. In dividing these assets, there are a number of important considerations to consider. First and foremost, retirement benefits are treated differently than other assets because they have different tax consequences. In most cases, the retirement benefits are pre-tax, meaning that once the party receives the benefit or draws from the balance of the account, he or she will pay income tax on that benefit. For this reason, these assets are typically not offset with the value of other assets such as bank accounts or the equity in a residence, or, if they are, tax adjustments will be made. In most cases, the retirement accounts are divided between the parties with separate court orders, such as a Qualified Domestic Relations Order (QDRO) or a Division...

April 14, 2016 In Division of Assets and Debts, Divorce By Beth Silverman

Cincinnati Family Law & Divorce Blog: Who Has The Right to Remain in the Marital Home?

In nearly all divorce cases, the question of what to do with the marital home will arise at some point. In some cases it is easy, neither party wants to stay and the home is sold, or only one party wants to stay and that person keeps the residence. But what about the cases where both parties want to stay in the marital home? How does the court decide? There are several factors that may come into consideration. Can you refinance? Often times, the mortgage on the marital home is in both parties’ names. This means that the party who wishes to stay in the home will typically need to prove that he or she has the present ability to refinance the loan into his or her own name. Refinances are usually required for two primary reasons; (1) the court favors financial disentanglement of parties to divorce cases, and (2) it...

February 22, 2016 In Division of Assets and Debts By Trista Portales Goldberg

Cincinnati Family Law & Divorce Blog: Is it Mine or is it Ours: Tracing Separate Property Interests

A major consideration when contemplating a divorce is how assets and debts will be divided between the spouses. In Ohio, any asset or debt accumulated during the course of a marriage is presumed marital and subject to division by the court unless it can be shown that the asset or debt is separate or non-marital. There are three main types of separate property: inheritance, gifts, and property owned prior to marriage. These categories of property are not subject to division by the Court. To the extent that any asset or debt is solely the separate property of one spouse, then that spouse will retain the asset or debt in the divorce free from any claims the other spouse. Complications arise when a spouse's separate property is commingled with marital property. For example, Wife receives an inheritance when her father passes away. This money, if deposited in a separate account with no...

January 25, 2016 In Division of Assets and Debts By Beth Silverman

Cincinnati Family Law & Divorce Blog: The Question of Moving Out of the Marital Home

One of the most common misconceptions is that a person will be found to have “abandoned” their home, by moving out, and that there will be a loss of rights resulting from this action. There is nothing in Ohio law that provides for a loss of rights if one moves out of the marital home. The home continues to be a marital asset and both spouses will be entitled to share in the value of the marital home, subject to other legal principles surrounding the source of the funds that were used to purchase the home. However, there are considerations that should be made, in deciding whether to move out of your home when a divorce is being considered. The first consideration is whether there are minor children. If there are minor children, and custody of those children is in dispute, the court may give stronger weight to award temporary custody to...

December 1, 2015 In Division of Assets and Debts By Beth Silverman

Cincinnati Family Law & Divorce Blog: How are Household Goods Divided?

When a couple divorces, along with the division of all of their larger assets, such as the home, bank accounts, and retirement assets, they also have to divide their household goods and personal property. People are often unsure how the court will divide this property, especially when many of the items may appear to have little value, but in fact have great personal value to one or both of the parties. First, each party would be entitled to retain any personal property which would be considered separate or non-marital property, such as property that was acquired prior to the marriage, purchased with funds acquired by gift or received as inheritance or a gift. All remaining personal property that is marital, would then be divided. In the eyes of the court, all personal items and household goods are valued based on what another person would pay for the the item, often...

September 22, 2015 In Division of Assets and Debts, Support By Trista Portales Goldberg

Cincinnati Family Law & Divorce Blog: Do I Need a Pre-nup?

Ohio law allows written contracts between parties before a marriage that define various aspects of marital rights and rights upon the death of either spouse. These contracts are called prenuptial agreements, premarital agreements, or antenuptial agreements. All of these terms can be used interchangeably. Prenuptial agreements may not always be enforced. To avoid the most common challenges to these agreements, the following should be adhered to: (1) both parties should have lawyers represent them during the negotiation and execution of the agreement, (2) it should be signed as far in advance of the actual wedding as possible to avoid the possibility of coercion, and (3) there must be a complete and accurate disclosure of assets and debts between the parties. Currently, Ohio law protects premarital assets and assets which are acquired during the marriage by gift or inheritance and a prenuptial agreement may not be needed. It is often a misconception...

October 8, 2014 In Division of Assets and Debts By Beth Silverman

Cincinnati Family Law & Divorce Blog: Marital Property, Separate Property and Mixed Property Explained

In a divorce or a dissolution, Ohio law provides that the court must order an equitable division of all marital property or debt. Generally, property or debt acquired by either party during the marriage is deemed "marital". This includes any property acquired during the marriage, regardless of which party's income was used to purchase that property. Retirement benefits, household goods, cars and investments are marital property and this is true even if these assets are not tiled jointly. However, certain property can be deemed one party's separate, otherwise called non-marital property. Separate property can include property that either party owned prior to the marriage, received as a gift or inheritance, or purchased with funds that the party had prior to the marriage or received as an inheritance or gift. Separate property will not be included in the overall division of property, but rather will be awarded to one party. In order...