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Asset distribution is one of the most contentious aspects of divorce. If you’re worried you will settle for less than you deserve, turn to a divorce attorney from Lane, Felix & Raisbeck Co. L.P.A. in Cincinnati, OH. They will help you navigate the most common pitfalls of divorce and ensure your interests are a priority during the asset distribution phase.

How Assets Are Divided in a Divorce in Ohio

If you are unable to reach an agreement with your spouse about dividing your assets, state laws come into play. A judge will be responsible for ensuring all assets are distributed according to the laws of your state. Ohio follows equitable distribution laws, which means all marital property will be allocated between spouses in a fair manner unless there is a prenuptial agreement that establishes other stipulations.

Divorce Cincinnati OHMarital property is any asset acquired by either spouse during the marriage. This includes retirement benefits and compensation plans, as well as real estate, investment accounts, and vehicles.

Ohio law also recognizes the existence of nonmarital assets, or separate property, which includes assets one spouse held before the marriage, received as a gift, or inherited. Under Ohio law, the compensation for pain and suffering obtained in a personal injury lawsuit also falls under the umbrella of nonmarital property. A divorce attorney can answer any questions you have about what qualifies as separate property.  

When dividing marital property, the judge will consider a variety of factors because equitable means fair, not equal. This means an equitable division of assets is not necessarily a 50/50 split. Some factors that affect the division of marital property include the length of the marriage, assets and liabilities of each spouse, tax consequences of the assets, and value of retirement benefits.

If you’re wondering how divorce will affect your financial situation, turn to a divorce attorney at Lane, Felix & Raisbeck Co. L.P.A. in Cincinnati, OH. Visit their website to learn more about their experience in family law and probate, and call (513) 922-7700 to schedule a consultation.

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