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What is the distinction between separate and marital property?

On Behalf of | Sep 18, 2023 | Divorce

When it comes to divorce, one of the most crucial aspects to consider is property division. Comprehending the difference between separate and marital property is essential for a smooth divorce process.

Below are the nuances of property division in Ohio divorces. Understanding the key factors, legal considerations and strategies can help you navigate this often-difficult terrain.

What is the primary difference?

Separate property, also known as non-marital property, refers to the assets and belongings that are considered exclusively owned by one spouse. These assets are typically acquired before the marriage, after a legal separation or through a gift or inheritance received during the marriage.

Marital property, on the other hand, encompasses wealth acquired during the marriage. The state follows the principle of equitable distribution; as such, marital property is divided fairly but not necessarily equally during a divorce.

Strategies for property division

For a smooth property division in a divorce, try to ensure that all separate or marital assets are accurately valued. This may involve appraisals for real estate, investments and business interests.

You can also consider mediation as an alternative to a contentious courtroom battle. Mediation can be a more peaceful and cost-effective way to reach a mutually agreeable property division arrangement.

Don’t forget to keep meticulous records of all financial transactions, especially those related to separate property. Documentation can play a crucial role in protecting your assets. But most importantly, think beyond the divorce settlement. Consider how your financial situation will change post-divorce and adjust your plans and investments accordingly.

Comprehending the distinction between separate and marital property is vital to help ensure a fair and just division of assets and debts in a divorce. By seeking legal counsel, valuing assets accurately and exploring mediation options, you can navigate this process more smoothly and secure your financial future.