Dividing Marital Property In Divorce Can Be Complex And Contentious
The division of marital property includes any property or assets acquired during the course of a marriage. Under Ohio state law, this includes equity on a home and the appreciation in value of stocks, retirement funds, bank accounts and investments.
In dividing marital property, the court assigns to each party what it believes to be an equitable division, taking into account the financial situation, work history, health and situation of the persons involved. Debt related to co-signed loans or lines of credit must be divided as well. While couples willing to enter into negotiation can craft an agreement that allows them to determine how marital property will be divided, the court will have to review and approve any final property division settlement in a divorce. At Russo, Rosalina & Co., LPA, we advise and represent clients in the division of marital property. Our lawyers explain how the court will likely divide available assets and debt, and we explain how your divorce will impact your taxes.
For more information about the division of marital property and how you can protect your financial future, contact the divorce attorneys at Russo, Rosalina & Co., LPA, today.
The Division Of Marital Debt
The division of marital debt is equally important to the division of marital assets. In many cases, a couple may have joint credit cards or may co-sign on lines of credit that only one spouse uses. For instance, if your spouse purchased an expensive car you never drive or has substantial credit card debt, or if your name appears on the car loan or credit card agreement, you can be held responsible. During negotiation, you may be able to agree on a debt settlement plan that doesn’t burden you with debt you for which you aren’t to blame.
However, credit card companies and banks have no obligation to honor the terms of your divorce settlement; it is, after all, an agreement between you and your spouse, not between you and the creditor. As a result, even if your spouse agrees to accept responsibility for a car loan or unpaid credit card debt, creditors can still undertake collection actions against you if your ex-spouse defaults.
We Protect Your Rights And Financial Interests
That’s why it’s important to work with experienced attorneys who can take steps to create better protections for you and your family in any division of marital assets and debt. To learn how we can help you, contact Russo, Rosalina & Co., LPA, today.