According to Ohio divorce laws, a vacation home is considered an asset like any other type of property. But there are unique considerations to think about when deciding what to do with a vacation home in a divorce. Below are a few factors that go into the decision, and what you should know about them.
Ohio's divorce laws follow the principle of equitable distribution. This principle means that assets are divided, more or less evenly, between the divorcing spouses. However, this doesn’t mean that assets are going to divide precisely 50/50. For instance, the judge might allow one spouse to maintain ownership of the primary home, but give the other spouse a majority of the remaining assets to offset the inconvenience of having to find and purchase a new home. The term “equitable,” then, is ultimately open to interpretation.
Before a judge intervenes, you have options to determine the fate of a vacation property in a divorce. You and your soon-to-be ex can sell the house and split the profits. If you both want to keep it and maintain a civil relationship, you may share it. Make sure to remain in touch and regularly coordinate calendars.
If you and your spouse have substantial assets, you can split them in a way that feels fair to both of you. This will require open communication and negotiating via your attorneys. One of you may take the primary home, the other the vacation home, and then distribute the remaining assets evenly.
Start exploring your options by contacting a divorce law attorney. The Law Office of Lawrence W. Henke, III, is here for you. With more than four decades of experience, he represents clients in Dayton, OH, and the surrounding areas. In addition to divorce law cases, he handles personal injuries and criminal defenses. Call (937) 461-9330 to schedule a consultation today or visit their website to learn more about the practice.