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Most couples going through a divorce will have to deal with the issue of property and asset division. When it comes to these items, the state of Ohio is considered an equitable distribution state.
To understand divorce laws in Ohio regarding property division, you have to understand that equitable is not defined as equal, the property will not be divided 50-50. For example, just because one spouse was the major breadwinner is no guarantee that he or she will get the majority of the marital property.
Any couple going through dissolution in Ohio is required to have a Separation Agreement. This is essentially a legally binding contract between two parties that mainly sets out all the assets and liabilities of the case.
Assets are things like vehicles, stocks, and bonds, real estate, retirement or profit-sharing plans, jewelry, household furnishings or pretty much anything else valued over $500. Liabilities are another part of the separation agreement and usually consist of credit card debt, mortgages, and student loans.
To file this agreement with the court, it's required that both parties agree on every issue outlined in the Separation Agreement. Assets must be divided and who is responsible for which debts need to be clarified. Any spousal support will also be included in this agreement.
Jack’s Law Office
305 S Sandusky St
Delaware, OH 43015
(740) 369-7567