Toledo Asset Division Lawyers Help You Get a Fair Share
Ohio divorce attorneys protect your rights in the distribution of marital property
An issue that arises in many divorces is how to divide the couple’s marital property. In an Ohio divorce, division of assets can be a complicated and exacting process. Unless the spouses come to an agreement, the court must determine which of the property is marital in nature and how to divide it equitably. At Mock Law, L.P.A. in Toledo, I provide trustworthy advice and advocacy to ensure that the ultimate result is fair to my client.
What is the standard for dividing property in Ohio?
Ohio law presumes that spouses contribute equally to earning and acquiring assets during a marriage. A divorce court therefore starts out with the premise that the assets should be divided equally. However, the court must also determine if an unequal division would be more equitable under the circumstances. Among the factors it considers are these:
- The duration of the marriage
- The spouses’ respective assets and liabilities, including retirement benefits
- Whether or not a given asset is liquid
- Whether a custodial parent would benefit from staying in the house
- Whether it makes more sense to keep an asset whole
- Tax consequences
- The cost of selling property
- The effect of a prenuptial agreement
When I represent you, I present evidence that puts emphasis on all factors that support a division of assets that is in your best interests.
What is the difference between marital and separate property?
Divorce courts divide your marital property, but your separate property remains your own. Separate property includes anything one spouse owned before marriage or acquired at any time by gift or inheritance.
Generally, marital property includes:
- Any real or personal property or any interest in real or personal property purchased or earned by either or both of you during your marriage
- All income from and improvements to separate property as a result of labor or financial contributions during your marriage
“During your marriage” typically means from your wedding until the final hearing in your divorce, but the court may choose another date — such as when you and your spouse separated — if it considers that date to be fairer.
The couple may agree to treat property as separate, either in a prenuptial agreement or as part of a settlement during the divorce. As your counsel, I will make the strongest case possible for preventing division of assets that you consider to be your separate property.
How do courts value marital property?
During the equitable division process, the value of each asset must be agreed upon by the spouses or decided by the court. If the value of an asset isn’t easy to figure out or is contested, it may be necessary to hire qualified experts, such as appraisers or accountants, to present their opinions on the value of the property. I am well-versed in finding ways to ensure accurate asset valuations.
Retirement benefits and deferred compensation
IRAs, 401(k)s, pensions, deferred compensation plans and other retirement assets are generally treated as marital property and are therefore divided by the court. However, there are complications involved in valuation of these accounts and in avoidance of tax consequences in dividing them. I understand the importance of these assets for my clients’ future planning and make every effort to ensure that their retirement benefits are protected and equitably divided.
Contact a thorough Toledo asset division lawyer
Mock Law, L.P.A. represents clients throughout northwestern Ohio who need reliable advice and advocacy when they must divide their property during divorce, as well as in other family law matters. Please call 567-200-3573 or contact me online to schedule a meeting at my Toledo office. My phones are answered 24 hours a day, seven days a week.