Whatever you and your spouse acquired during your marriage is subject to division in an Ohio divorce proceeding. This includes your family home and any property you own separately and individually, as long as it wasn’t inherited or owned before the marriage. In Ohio, all marital properties must be divided equally.
The family home is often the most important asset a couple will acquire during their marriage. A home’s equity, which is the difference between what’s owed on the mortgage and the amount the house would sell for, is also considered marital property and must be divided equally for both spouses. The more assets a couple acquired during the marriage and the more one spouse wants to keep certain assets the more complicated the divorce can be. In this case, it is necessary to hire a good divorce attorney delaware ohio.
Should You Sell the House If you File for a Divorce?
Whether you sell your house or not during a divorce depends on your particular situation. But, the most important thing is to divide the home’s equity equally. If you decide not to sell the house and opt to stay there, you must refinance the mortgage to be in your name alone. When you refinance, you may need to refinance in an amount that is enough to pay your spouse for their share of the equity. However, if you can both afford the house individually and wish to live in it after the divorce, this issue would need to be resolved through negotiation or the court.
What the Court Considers When Dividing Marital Property
Because Ohio is an equitable distribution state, courts will divide marital assets based on what would be fair. To determine how to divide property in a divorce, the court considers how long the couple was married. It may also consider the assets and liabilities of every party. When it comes to the family house, the court may take into account whether it would be awarded to the spouse who has custody of the couple’s children.
Moreover, Ohio courts may consider the tax consequences associated with asset division between parties and the possible cost to sell an asset if the sale is necessary to achieve a fair distribution of assets. Out-of-court agreements both parties reach will also be taken into consideration. Other factors the court will consider include the retirement benefits of both spouses, asset liquidity, and the financial stability of keeping an asset.