During a divorce in Ohio, spouses need to divide property. Some assets are separate property that belong to either one spouse or the other. They can retain those possessions after the divorce. Other assets are marital property that they need to divide with one another.
People sometimes misunderstand what determines if an asset is marital or separate property. One spouse might expect to retain their personal savings account or retirement account because they hold the account in their name only and their spouse has never made any contributions.
Those accounts might still be subject to division in an Ohio divorce.
Deposits made during marriage are marital property
Simply having a separate account does not make someone’s financial resources their separate property. Regardless of whose name is on the account, both spouses might have an interest in financial accounts belonging to either spouse.
Any deposits made into accounts held by one spouse during the marriage are typically marital property, as income earned during the marriage is part of the marital estate. Deposits made prior to marriage may remain the separate property of the spouse who holds the account.
People need to carefully review their financial records to establish which assets are part of the marital estate and which are separate property that they do not need to divide. The failure to disclose accounts held in the name of one spouse could lead to accusations of hidden assets and potentially a penalty for the spouse accused of financial misconduct.
Learning more about property division rules can be beneficial for those preparing for a high-asset Ohio divorce. The division of marital property can be one of the most difficult aspects of divorce proceedings.