Helping You Divide Property In Your Divorce

You are probably concerned about what is going to happen to your home, the cars, as well as your investment and retirement accounts. What happens if one of you is part of a closely held business, or has a professional practice? Property division in divorce or dissolution requires an experienced and knowledgeable family law attorney. There are so many issues to consider when managing the assets and liabilities of a couple who have decided to end their marriage in Ohio.

In many instances it can be a challenge to identify all of the specific accounts and assets involved. It is important to put a reliable value upon business ownership in private or closely held companies, as well as establishing the value of a doctor or professional who has their own private practice, or is part of a partnership or corporation. In rare instances, we must use forensic accounting to track down assets, and to establish the actual value of real property or assets and accounts.

Marital Property Is Subject To Division. Separate Property Is Not.

Marital property in Ohio is generally the assets of the parties that were acquired during the marriage, with certain exceptions such as gifts and inheritance.

  • Marital property is the property that the court is required to value and equitably divide in a divorce action.
  • Separate property is generally the assets of the parties that were acquired prior to the marriage or after the marriage if the property falls into one of the marital property exceptions.

The issue of tracing or identifying separate property can become a very complicated part of divorce when assets fall inside both categories. This commonly occurs with retirement accounts, businesses and real estate. We will work with you to identify and trace your assets and debts to ensure that your separate property is secured and that you receive an optimal distribution of all marital property.

How Do You Decide Who Gets What Marital Property?

This is a complex question, and can be the source of genuine disagreement between parties in a divorce or dissolution. It can be important to come to a fair and equitable distribution of these assets, while maximizing the actual cash benefit to each party, and minimizing the tax consequences involved.

There are several ways to offset the value of a business ownership in trusts or other property, and to carefully balance the pretax and post-tax consequences of child support versus spousal support or alimony.

There are many factors that go into the formula for the division of assets, including:

  • When the asset was acquired, and the source of funds utilized
  • The length of the marriage
  • Inheritances and premarital property
  • Employment histories and incomes for both spouses
  • Present and future needs of the children
  • Tax implications of asset division
  • Established rules for the division of retirement vehicles (QDROs and DOPOs)

At Kelly Law Office, we apply our experience and legal skill to help find the right balance for each situation. Whenever possible, we encourage the couple to work through these issues together to keep costs down, and to provide a stronger working relationship that will extend past the end of their marriage.

In cases of genuine principled disagreement, or if our client's spouse is being unreasonable or contentious, we will work to aggressively protect our clients best interests, and to seek the best possible outcome based upon their unique circumstances.

Reasonable Fees | Free Initial Telephone Consultations

We make our reasonable fees the cornerstone of the services we provide to clients. We handle many cases in family law on a flat fee basis, and if that is not possible in your situation, we carefully explain our hourly rates. You will know what you are being charged for as your case moves forward.

Are you ready to discuss your case with an experienced Columbus family law attorney? Call us at 614-556-4280 or send us an email.