Division of Property
Ohio is an equitable distribution state. As such, all the marital property is divided equitably between the parties by the court or by the spouses’ settlement agreement. A fair division of the property may imply either equal or unequal shares depending on numerous conditions, including each spouse’s needs, contributions, income, earning capacity, and so on.
However, the separate property of each party stays with the initial owner, so it’s essential to define which property is separate and which is marital.
Marital property includes everything earned and acquired during the marriage, real estate and property, retirement benefits, and income produced by the separate property if that income contributed to the other spouse.
Separate property includes everything that was owned before marriage, income gained from this property, and personal inheritances and gifts.
If the couple has a prenuptial agreement, this document will precisely define separate and marital property.