For couples who have a significant number of assets, including high-value assets, to divide during their divorce, they may wonder what is meant by equitable property division. If you are facing a high-value divorce, you should understand what equitable property division is and what it can mean for your property division settlement.
The equitable property division process
In Ohio, property is divided equitably during divorce. This is referred to as equitable property division and follows equitable property division rules, which can be complex at times. According to these rules, the couple’s assets and liabilities will be divided fairly between them.
It is important to keep in mind that a premarital agreement can also impact property division. Marital property, or property acquired during the marriage, will be divided between the couple. Separate property is not divided and is considered property one spouse entered the marriage with, such as gifts and inheritances.
Marital property is typically regarded as property and assets acquired by the couple from the time of their marriage ceremony to the termination of their marriage. The divorce court will generally divide marital property equally between the couple unless there has been financial misconduct. The debts of the estate will also be divided, which is done on a case-by-case basis.
Understanding the basics of how property division is determined can help you better prepare to negotiate your property division settlement and fight for what you need. Armed with that knowledge, you may be able to obtain a more favorable outcome than you otherwise would have.