Marital Assets in Ohio: What You Need to Know

When navigating divorce or separation in Ohio, understanding what constitutes marital assets is crucial. Ohio, being an equitable distribution state, divides marital property fairly but not necessarily equally. Here’s a comprehensive breakdown of what is considered marital assets in Ohio and how they are typically handled during divorce proceedings.

Marital Assets Defined

Marital assets, often referred to as marital property, are assets acquired during the marriage. This includes everything earned or purchased from the date of marriage until the date of separation or divorce. In Ohio, marital assets generally encompass:

1. Real Estate: Homes, rental properties, vacation homes, and land acquired during the marriage are considered marital assets, regardless of whose name is on the title.

2. Bank Accounts: All savings and checking accounts opened or contributed to during the marriage are included. This includes joint accounts and individual accounts if the funds were accumulated during the marriage.

3. Retirement Accounts: Pensions, 401(k)s, IRAs, and other retirement accounts accrued during the marriage are typically considered marital property, though contributions made before the marriage may be treated differently.

4. Vehicles: Cars, trucks, boats, and other vehicles bought or owned during the marriage are included, regardless of whose name is on the registration.

5. Personal Property: Items such as furniture, electronics, artwork, jewelry, and collectibles purchased during the marriage are considered marital assets.

6. Business Interests: Any business interests or ownership acquired during the marriage are included. This applies whether the business is a sole proprietorship, partnership, or corporation.

7. Investments: Stocks, bonds, and other investments acquired during the marriage are marital property.

Separate Property

It's important to differentiate between marital assets and separate property. In Ohio, separate property is generally defined as:

1. Property Acquired Before Marriage: Assets that a spouse owned before the marriage are considered separate property.

2. Gifts and Inheritances: Property received as a gift or inheritance specifically designated to one spouse is typically treated as separate property.

3. Personal Injury Settlements: Settlements or awards from personal injury claims received by one spouse are usually considered separate property, though they may be divided if they are commingled with marital assets.

Division of Marital Assets

Ohio's equitable distribution law means that marital assets are divided in a manner that is fair but not necessarily equal. Factors that influence how assets are divided include:

1. Length of the Marriage: Longer marriages often result in a more equitable distribution of assets.

2. Economic Circumstances: The economic status of each spouse, including earning potential, financial needs, and responsibilities, can impact asset division.

3. Contribution to Marital Property: Non-financial contributions, such as homemaking and childcare, are considered.

4. Spousal Contributions: The court considers each spouse’s contributions to the acquisition, maintenance, and increase in value of the marital property.

5. Dissipation of Assets: If one spouse is found to have wasted marital assets, this may affect how assets are divided.

Steps to Protect Your Interests

To ensure a fair division of marital assets, consider the following steps:

1. Document Everything: Keep detailed records of all assets, debts, and their values. This includes bank statements, real estate documents, and retirement account statements.

2. Consult a Lawyer: Work with a family law attorney who can help you understand your rights and advocate for a fair division of assets.

3. Consider Mediation: Mediation can be a cost-effective way to reach an agreement on asset division without going to court.

4. Review Your Financial Situation: Understand your financial situation, including debts and assets, to make informed decisions during the divorce process.

Conclusion

Understanding what constitutes marital assets in Ohio is crucial for anyone going through a divorce or separation. By recognizing the types of property considered marital assets and the principles governing their division, you can better prepare for the legal and financial implications of divorce. Taking proactive steps to document and protect your assets will help ensure a fair and equitable resolution.