Divorce is an overwhelming process, especially when people are not always sure what they are legally entitled to once the marriage ends. While every case is unique, state laws give direction on what each spouse may get in the divorce settlement. Understanding these principles can help you make informed decisions and protect your financial future.
In this article, you will find a detailed overview of the major factors that usually determine what you may be entitled to during a divorce.
Marital vs. Separate Property
The first step in determining a divorce settlement is identifying what property must be divided.
Marital Property
Marital property usually includes:
- Income earned during the marriage.
- Real estate purchased during the marriage.
- Bank accounts, retirement accounts, pensions, and investments built up during the marriage.
- Vehicles, furniture, and other personal property.
- Debts accrued during the marriage.
This property usually is subject to division.
Separate Property
Separate property usually includes:
- Assets owned before the marriage.
- Inheritances received by one spouse alone.
- Gifts given only to one spouse.
- Certain personal injury settlements.
Separate property usually remains with its original owner, unless it has become commingled with marital assets.
Equitable Distribution
Most states, including Ohio, follow an equitable distribution model. What this means is that marital property is divided fairly, but not necessarily equally. Courts can consider:
- The length of the marriage.
- The income and earning capacity of each spouse.
- The contributions made to the marriage, including homemaking and childcare.
- The financial needs of each spouse.
- Whether one spouse sacrificed career opportunities for the family.
- Any marital misconduct that had a financial impact.
Equitable distribution aims at putting both spouses on solid financial footing, not to punish one or reward the other.
Spousal Support (Alimony)
You may be entitled to spousal support if there is a financial imbalance between you and your spouse. Alimony is awarded based on the circumstances of the case. Generally, courts look at:
- The needs of the spouse who is requesting alimony.
- The other spouse’s ability to pay.
- The standard of living maintained during the marriage.
- The length of the marriage.
- The age, health, education, and work history of each spouse.
- The contributions to the other spouse’s career or education.
Spousal support may be:
- Temporary (during the divorce process).
- Rehabilitative (to allow a spouse time to become self-supporting).
- Long-lasting or permanent (not a common occurrence, usually after long marriages, or when the other spouse cannot work).
Child Custody and Child Support
The court will always consider the best interest of the children. What you are entitled to will depend on parenting time, income, and the children’s needs. You may be entitled to:
- Primary or shared physical custody.
- Joint legal decision-making authority.
- Child support payments.
The amount of child support is determined by guidelines in each state and factors considered are:
- Each parent’s income.
- Parenting time schedule.
- Health insurance and childcare costs.
- The specific needs of the child.
Any child support belongs solely to the child, not the parents, and cannot be waived.
Retirement Accounts and Pensions
Retirement assets accrued during the marriage are considered marital property regardless of whether it is titled in one party’s name alone. This includes:
- 401(k)s.
- Pensions.
- IRAs.
- Deferred compensation.
A Qualified Domestic Relations Order (QDRO) may be necessary in order to divide these accounts without tax penalties.
Debts and Liabilities
Like assets, marital debts are divided in a fair way. This might include:
- Mortgage debt.
- Car loans.
- Credit card balances.
- Medical bills.
- Business debts.
Courts work to divide debt in a way that reflects the financial situation of each spouse.
Get Guidance From a Divorce Attorney
Divorce settlements can become very complicated, particularly when significant assets, children, or disputes are involved. An experienced divorce attorney can explain your rights, help you to negotiate properly, and work towards a settlement that will safeguard your financial well-being.
If you’re in the process of getting a divorce and you’re wondering what you might be entitled to, the Law Office of David Shook is here to offer guidance and personal legal advice. Contact us today for a consultation, and let us know how we can help.
