When people tackle divorce, asset division is often one of the biggest things that people feel worried about. Courts will divide property according to what they find fair.
While separate property is not subject to division, it is still important to understand how separate property might become marital property.
What is marital property?
According to Ohio State Legislature, different factors contribute to what ends up viable for division in a divorce. All marital property is divisible under state law, but what is marital property?
State law defines it as retirement savings, money earned through the duration of a marriage, property and items bought with that money during the marriage, any business established during the marriage, and interests acquired over the marriage.
This property gets divided equitably in Ohio. In other words, it does not need to be a neat 50/50 split. The property gets assessed and divided up in a way that seems relatively equal, even if one person may get fewer things of greater value or more things of less value.
What separate property can become marital property?
Separate property is usually property you had or received before the marriage, or things like inheritance or personal injury payments.
There are instances where separate property can become marital property. If a spouse contributed to someone’s separate property via labor or money, they have a right to a share.
It is important to know how far a spouse can push things when pursuing a portion of once-separate assets, however. Individuals should not be afraid to fight for their right to keep certain properties or assets.