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:
- Duration of the marriage;
- The assets and liabilities of the parties;
- The desirability of awarding the family home, or the right to reside in the family home for reasonable periods of time, to the spouse with custody of the children of the marriage;
- The liquidity of the property to be distributed;
- The economic desirability of retaining intact an asset or an interest in an asset;
- The tax consequences of the property division upon the representative awards to be made to each party;
- The costs of sale, if it is necessary that an asset be sold to effectuate an equitable distribution of property;
- Any division or disbursement of property made in a separation agreement that was voluntarily entered into by the parties; and
- Any other factor that the court expressly finds to be relevant and equitable.
The future modification of a property division is expressly prohibited, unless the parties give express written permission. What if you have an agreement providing for the payment of monthly household expenses that is meant to be a division of property? That agreement is not modifiable. However, the court cannot convert such payments to spousal support if the payor files bankruptcy to guard against discharge in bankruptcy. This is important as spousal support can be modified if the court retains jurisdiction and can be terminated in certain situations.
To read more, click on the following links to my other articles on property division, divorce and dissolution: personal property and real estate division for unmarried couples in Ohio, evaluating and dividing a business in an Ohio divorce, retirement benefit issues in an Ohio divorce, does the IRS define Ohio spousal support as alimony, when does alimony end in Ohio, when does child support end in Ohio, Ohio alimony factors, Ohio child support terms, everything you wanted to know about Ohio child support, Ohio divorce and dissolution may or may not be a choice, and divorce and taxes in Ohio.
Attorney Gigiano is a Medina family law attorney in Wadsworth, Ohio, litigating the division of property in the domestic relations courts of Medina County, Summit County, Wayne County, Cuyahoga County, Holmes County and Ashland County. Attorney Gigiano has successfully found ways to modify property divisions in post-divorce decree situations utilizing contempt powers. If you have questions about this or other questions you need answered by an experienced Wooster divorce attorney near Rittman or Akron divorce attorney near Barberton, please call Attorney Daniel F. Gigiano at 330-336-3330.