Divorce brings many questions, and one of the most challenging to answer revolves around the division of assets. If you and your soon-to-be ex-spouse own investment properties in Ohio, you will need to decide who gets what. This decision can significantly impact your financial future.
Knowing more about how the divorce process affects property division in Ohio will help you make an informed decision on whether you should aim to retain your investment properties during the divorce negotiations.
Understanding equitable distribution
Ohio follows the principle of equitable distribution in divorce cases. This means the court divides marital property in a manner it considers fair, but not necessarily equal. If you got the investment properties during the marriage, they are marital property.
Analyzing your financial situation
Can you afford to manage the properties without your spouse’s support? Consider expenses like mortgage payments, taxes, maintenance and potential vacancies. If it looks like you can handle it, then keeping the properties might be a good choice.
Looking at potential returns
Consider the potential returns on the investment properties. If they are lucrative and generate significant income, they could provide financial security post-divorce. However, if they are not performing well, it might be wise to let them go.
Weighing the emotional factors
Do not discount emotional factors. Managing investment properties can be stressful, and during a divorce, your stress levels might already be high. If managing these properties might add more stress, consider if it is worth it.
After considering all these factors, you have to make the decision. If the investment properties promise good returns and you can manage the costs and stress, keeping them could be beneficial. But if they are a financial drain and source of stress, letting them go could be the best decision. Making an informed decision will help ensure your financial stability and peace of mind post-divorce.
