When you or your spouse files for divorce, there are probably tons of thoughts rushing through your head — and one of those first thoughts is usually about your house. Who gets the house in a divorce? What are Ohio divorce laws regarding property?
In Ohio, everything you and your spouse acquire during marriage is subject to division in a divorce. That division includes your house and any property that is owned separately or individually by you or your spouse.
Since a house is often the most significant asset acquired by a couple throughout their marriage, its equity would be split 50/50 in divorce. The home’s equity is the difference between what remains owed on the mortgage and what the house would sell for.
So Who Gets the House in a Divorce?
When it comes to divorce in Ohio and who gets the house, the answer can vary based on several factors. The main point that you must understand is that the equity in the home is what gets divided equally between the parties. How the equity ends up getting divided can vary:
- One spouse can refinance the mortgage in their sole name and payout the equity owed to the other spouse.
If neither spouse can afford to refinance individually, the home would most likely be sold and the proceeds would be split equally. - If both spouses want to own the home and can afford to refinance, it would have to be resolved through negotiation with a credible Ohio lawyer or the court system.
Other Ways to Split Equity of a House
From a starting point of 50/50 division of property, the Ohio courts will evaluate all of the assets and liabilities of both spouses to split marital property equitably. Since every marriage is different, there are several factors the court takes into consideration:
- Length of the marriage
- Each spouse’s assets and liabilities
- If you have children, and whether the custodial parent would benefit from remaining in the home
- Tax consequences of property division
- Costs of the sale of property
- Any premarital agreements
- Retirement benefits
Since all assets and debts acquired throughout the marriage are added up, they can be split in half or divided in any way the court sees fit. This means that as long as each spouse leaves the divorce with roughly half of the total value of assets, the home doesn’t necessarily have to be sold.
The more assets that are acquired throughout a marriage, the more complicated things can get. Evenly dividing assets can be nearly impossible without the guidance and support of a qualified divorce attorney in Ohio. A divorce lawyer’s role is to walk individuals through the division of assets and help reach a resolution that works for both parties involved.
Contact a Qualified Columbus, Ohio Divorce Attorney
The Law Offices of Kenneth R. Kline LLC understand that in a divorce, emotions run high. When it’s challenging to be level-headed, our Columbus divorce lawyer will walk you through the process of dividing assets so you feel comfortable with the resolution. Our goal is to help you move on with your life and start fresh. Contact us for a risk-free consultation in Columbus.