want a divorce after 20yrs , wondering about house and finances in ohio
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want a divorce after 20yrs , wondering about house and finances in ohio
we’ve been married 20 yrs in and decided to get divorce. wonder how to do things. we have a house that has about 20 yrs left on mortgage. she has about 30000 in credit card debt and i have about 15000. thinking of bankruptcy.
Asked on July 2, 2009 under Family Law, Ohio
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I am not admitted in Ohio and you should seek the counseling service of a lawyer in your area to see what the best plan is for you and your spouse. Although bankruptcy may be an option it may not be the only option if there is equity in your home that can pay off the debt.
As for property distribution the following information as to Ohio was found:
"Property Distribution: Since Ohio is an "equitable distribution" state, the marital property shall be divided in an equitable fashion. Equitable does not mean equal, but rather what is fair. The court will encourage the parties to reach a settlement on property and debt issues otherwise the court will declare the property award.
In making a division of marital property and in determining whether to make the amount of any distributive award, the court shall consider all of the following factors: (1) The duration of the marriage; (2) The assets and liabilities of the spouses; (3) The desirability of awarding the family home, or the right to reside in the family home for reasonable periods of time, to the spouse with custody of the children of the marriage; (4) The liquidity of the property to be distributed; (5) The economic desirability of retaining intact an asset or an interest in an asset; (6) The tax consequences of the property division upon the respective awards to be made to each spouse; (7) The costs of sale, if it is necessary that an asset be sold to effectuate an equitable distribution of property; (8) Any division or disbursement of property made in a separation agreement that was voluntarily entered into by the spouses; (9) Any other factor that the court expressly finds to be relevant and equitable. (Ohio Code - Sections: 3105.171)"
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
I am not admitted in Ohio and you should seek the counseling service of a lawyer in your area to see what the best plan is for you and your spouse. Although bankruptcy may be an option it may not be the only option if there is equity in your home that can pay off the debt.
As for property distribution the following information as to Ohio was found:
"Property Distribution: Since Ohio is an "equitable distribution" state, the marital property shall be divided in an equitable fashion. Equitable does not mean equal, but rather what is fair. The court will encourage the parties to reach a settlement on property and debt issues otherwise the court will declare the property award.
In making a division of marital property and in determining whether to make the amount of any distributive award, the court shall consider all of the following factors: (1) The duration of the marriage; (2) The assets and liabilities of the spouses; (3) The desirability of awarding the family home, or the right to reside in the family home for reasonable periods of time, to the spouse with custody of the children of the marriage; (4) The liquidity of the property to be distributed; (5) The economic desirability of retaining intact an asset or an interest in an asset; (6) The tax consequences of the property division upon the respective awards to be made to each spouse; (7) The costs of sale, if it is necessary that an asset be sold to effectuate an equitable distribution of property; (8) Any division or disbursement of property made in a separation agreement that was voluntarily entered into by the spouses; (9) Any other factor that the court expressly finds to be relevant and equitable. (Ohio Code - Sections: 3105.171)"
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