What is separate property in divorce? It is property that the spouse gets to keep without it being subject to an equitable division by the divorce court.
First, we should look at what is marital property under Ohio law. The Ohio law defining marital property is found in Ohio Revised Code 3105.171 (R.C. 3105.171
). Marital property is:
- All property currently owned by either or both parties or acquired by either or both of the parties during the marriage; and
- All property interest that either or both parties currently holds acquired by either or both of the spouses during the marriage;
- Active income, which is all income and appreciation on separate property, due to the labor, monetary, or in-kind contribution of either or both of the spouses that occurred during the marriage;
- Anything that is not separate property.
This article will address dividing a business in divorce. Usually, a qualified expert witness will be needed to provide evidence of the valuation of a business. The expert looks at various factors, such as the history of the business, risk involved in the particular business, among other factors. Utilizing such factors, the expert determines the fair market value of the business. The parties will have to decide if they want to agree on a single expert or if they wish to hire their own experts. With the price of a business evaluation expert being $10,000 or more, this is no small decision. Factors that may be considered in whether to share an expert include: whether the business-owning spouse is likely to disclose all assets and liabilities of the business, including receivables; whether the business-owning spouse had a history of keeping thorough and reliable records; and how well the non-business owning spouse knows the business. (more…)
This article will discuss property division in divorce. What is property? Property can be real property, otherwise known as real estate. Property can also be personal property, which includes cash, financial and retirement accounts, vehicles, and household goods.
Under Ohio Revised Code 3105.171 (R.C. 3105.171
), there are nine factors that govern only the division of property: (more…)
While a dissolution starts with an agreement, a divorce is filed due to differences between the parties on one or more of the major issues, which include property division, spousal support and matters regarding the children.
Once a divorce is filed, the court will usually issue temporary orders. Such temporary orders generally consist of restraining orders, allocation of parental rights and responsibilities, child support, and spousal support.
An experienced divorce attorney can help people decide whether to pursue a dissolution or a divorce.