Every part of the divorce process comes with its stresses and every divorce is different. Some ex-spouses find themselves at odds over child custody arrangements while others have trouble agreeing on support terms. One divorce step that is common among all divorces is the facilitation of the division of marital property.
How courts distribute your property may have long-term effects on your life. It’s natural to be concerned about what may happen to such properties, especially if your assets are of high value or you are sentimentally attached to them. Consequently, you may be wondering what defines marital property and non-marital property in the state of Ohio.
Marital property is all property that spouses acquire during the time of the marriage – that is, from the date that the marriage began through the divorce decree. Ohio considers the following to be marital property:
- Personal and real property currently owned by spouses
- Retirement benefits
- Income and appreciation resulting from a spouse’s contribution toward owned properties
- Any interest in personal or real estate property
- Funds collected in a public employee account
Ohio divorce courts do not distribute non-marital property, or separate property, to each spouse. Rather, the property remains with the entitled spouse. Such non-marital property may include:
- Any personal property, real estate or interest accumulated which was acquired before the marriage
- One spouse’s inheritance
- Exclusions included in a prenuptial agreement
- Gifts given to one spouse during the time of the marriage
- Interest or income acquired from separate property
Your divorce does not have to come with so many unanswered questions. There are resources available to you that can ease your concerns and help you know what to expect as you move forward into a new chapter in your life.