In a divorce or dissolution, spouses need to divide marital property. Dayton family lawyer Helen Wallace can help you determine first, what is included in the definition of marital property in the State of Ohio, and then second, how the Court may divide the marital property between the spouses.
In general, marital property means all real (i.e. real estate) and personal (i.e., all other kinds of property, both tangible and intangible) property that is currently owned by either of the spouses. Marital property includes retirement benefits, and all interest that either spouse currently has in any real or personal property that was acquired by either or both of the spouses during the marriage. Marital property does not include separate property, but it does include all income and appreciation of separate property due to the labor, monetary, or in-kind contribution of either or both of the spouses that occurred during the marriage.
In Ohio, property is considered separate property (and not marital), if the real or personal property came from an inheritance by one spouse by bequest, devise or descent during the marriage, or was acquired by one spouse prior to the date of the marriage. The definition of separate property also includes the passive income (meaning the income was not due to the labor, monetary or in-kind contribution of either spouse during the marriage) and appreciation acquired from separate property. Property, either real or personal, acquired after a decree of legal separation is separate property, along with any property that is excluded by a valid antenuptial agreement. Compensation to a spouse for the spouse’s personal injury, except for loss of marital earnings and compensation for expenses paid from marital assets, is separate property under Ohio domestic relations law, as is any gift of any real or personal property or of an interest in real or personal property that is made after the date of the marriage and that is proven by clear and convincing evidence to have been given to only one spouse.
The commingling of separate property with other property of any type does not destroy the identity of the separate property as separate property, except when the separate property is not traceable.
For more information about marital property or for help with your Ohio divorce or dissolution, please contact Dayton divorce lawyer at Helen Wallace, Attorney at Law today by clicking on the preceding link, by e-mail to email@example.com or by telephone to (937) 654-6800.
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