Dayton Property Division Lawyers

• Retirement benefits
• Real estate
• Personal property
• Bank accounts
• Income and appreciation on separate property due to the labor or in-kind contribution of either or both spouses
• High-value items like cars, artwork, etc.

What Can Be Considered Separate Property during Divorce?

Separate property is not subject to equitable distribution. Separate property is also defined by case law and O.R.C. 3105.171(A)(3)(a)(6). Separate property generally means:

• All real and personal property that was acquired prior to the date of marriage
• Passive income and appreciation acquired from separate property during the marriage
• Property acquired after the date of the decree of legal separation
• Property that is excluded by a valid prenuptial or antenuptial agreement
• Compensation to a spouse for the spouse’s personal injury (except for the loss of marital earnings and compensation for expenses paid from marital assets)
• Certain gifts and inheritance

An accurate property valuation date will be necessary to ensure that you receive an equitable distribution of assets and that you are protected as much as possible. The valuation date is articulated by the court’s local rules unless it would be unjust to follow those rules. When the valuation of certain property is not easily obtainable, it will be necessary to obtain a professional report and/or examination to determine the date. This is a very fact-specific issue, and each case is different.

Further, in addition to an equitable distribution of property, the court will order an equitable distribution of debt. Debts that are incurred during the marriage are presumed to be marital and will be subject to the aforementioned distribution. Ohio law does not outline a method of the division of debt and therefore a Judge or Magistrate may exercise his or her discretion in distributing the debt based on the facts presented.

Retirement Benefits and Divorce

Retirement benefits that were acquired during the marriage will be subject to equitable distribution under Ohio Law. Pensions, defined contribution plans, 401(k)s, IRAs, and countless other retirement mechanisms are subject to different tax treatment and different requirements. To divide these plans there need to be additional orders such as Qualified Domestic Relations Orders and Division of Property Orders, which are filed with the court then sent to the retirement provider directly.

Certain plans have added complexities and nuances such as Military retirement plans, Government retirement plans, and certain Union plans. It is important to hire an experienced attorney to ensure that you get what you are entitled to, or in the alternative, to protect what you have worked hard for your entire career.

Business Valuation and Division

The outcome of a business division can have a significant effect on both parties. This involves complex asset allocations and likely will require valuations and testimony from expert witnesses. We work with a network of business valuation specialists to ensure that your rights in the business are protected.