Property division is one of the most contentious issues in many divorce cases. Readers in Ohio may be interested to learn of the rules regarding property division in a divorce in another state. Those the specific rules of the other state do not necessarily apply in divorces in our state, they do shed light on how some view property division settlements.
The negotiations surrounding property division can include all assets that a couple acquired during their marriage. These include family homes, investments and physical property as well as the cash held in bank accounts. For some in another state, this can include the value of future earnings. Though not common in states such as ours, future wage discussions can affect the outcome of a property division settlement in some cases elsewhere.
For folks in Ohio, the considerations in a property division discussion may include how long the couple has been married and what monies were used to acquire an asset. In most cases, the soon-to-be former spouses seek to negotiate a division of their assets that is equitable for all involved. However, when the pair cannot agree, a court can be asked to step in to divide the assets and liabilities of a marriage.
Property division is an important process for both spouses going through a divorce in our state. The agreements made can affect the economic picture for one or both of the pair. To ensure that a fair and equitable division is achieved, a person in our state who finds that they are going through a divorce may wish to complete a careful review of all applicable rules regarding property division before entering negotiations.
Source: wsj.com, “After Divorce, a Degree Is Costly,” Sophia Hollander, Dec. 26, 2012