How Assets Are Divided During Divorce
It is often assumed that assets accumulated prior to marriage are separate property, while marital property applies to assets accumulated after the wedding. Depending on the assets you own, this may not always be the case.
The attorneys at Kroener Hale Law Firm are dedicated to representing your best interests. We take the time to learn about our clients’ circumstances to identify which assets may be included in the divorce settlement. No matter how contentious a divorce is, we work to defend our clients’ needs every step of the way.
Marital Vs. Separate Property: What’s The Difference?
In Ohio, marital property refers to assets that the couple acquires during the course of their marriage. The courts divide marital assets equitably between the two divorcing spouses. These assets may include retirement savings or the family home.
Assets that one spouse accumulates outside of the marriage are separate property. Separate property may include assets that one spouse acquired prior to your marriage. Inherited and gifted assets that one spouse receives, such as real estate or family heirlooms, are also separate property.
Our team of lawyers has extensive experience helping people determine which property may or may not be included in a divorce agreement. We provide an in-depth analysis of our clients’ assets to efficiently resolve divorce cases involving complex asset division.
How Are Businesses Treated?
Determining how business interests are treated is not always clear. A business may be separate property if it was established prior to the marriage and if no marital assets were invested into the enterprise.
If both spouses were involved with the business, then it may be part of the divorce. We work closely with business owners throughout southeast Ohio to provide advice that protects the business’s future. Additionally, we work with financial professionals who will accurately value the business if it is included in the divorce.