At the law offices of Randal A. Lowry & Associates, we are prepared to assist clients with the division of marital assets in the most complex business and personal estates. For over 44 years, we have been helping people throughout Northeast Ohio achieve their goals in the process of divorce – including many prominent business owners, business executives and professionals.
Dividing Marital Assets in Ohio
The steps in the division of marital assets include identifying all marital assets, placing fair market value on the assets, and dividing the same. In Ohio, the court must make an equitable division of all marital assets. Marital assets include not only real estate holdings (homes, vacation properties and investment properties), cars and personal possessions, but also:
- Closely-held businesses and professional practices
- Retirement accounts, IRAs, and 401k plans
- Stock Options and Employee Stock Option Plans (ESOPs)
- Antiques and collectibles
In the case of a business, an increase in the value of a business during the time of the marriage will be considered as a marital asset and it will be the job of the court to decide how that asset will be divided. A business may be sold and the proceeds divided, or one party may buy the business interest of the other party through payment of a lump sum or in a payment plan. Understanding an asset’s true value is an important component of this process.
Our firm’s background in finance and working in close connection with forensic accountants, business appraisers, real estate appraisers and compensation experts ensures that all assets are properly valued – including cases of closely-held businesses, professional practices and complex marital estates.
Addressing Separate Assets
Assets that one spouse owned before the marriage or which are inherited during the marriage are generally considered to be the property of that spouse. Assets accumulated during the marriage (other than through inheritance) are considered as marital assets. It will be the role of the attorney to trace assets — including inheritances and premarital assets — back to their entrance into the estate to determine if they are eligible for division or will remain in the possession of only one spouse.
Confronting Financial Misconduct, Mismanagement or Deception (Distributive Award)
In situations in which one spouse has intentionally deceived the other, for example by accumulating gambling debt, the judge may choose to award additional assets to the other spouse in compensation. If it is revealed that a spouse has hidden assets in anticipation of a divorce situation, our office will aggressively pursue your interests in seeing that those assets are shared.
Let Us Help You Get the Results You Desire: Contact Our Akron Family Law Firm
Property division issues can seriously complicate the divorce process – especially when property is varied, complex or its ownership is being strongly contested. With over 44 years of experience in complex Ohio property division law, you can count on us to help you get the results you desire.
We welcome you to call Randal A. Lowry & Associates at (330) 576-3363 to consult with us regarding your Ohio divorce. Our Akron-area divorce attorneys serve clients throughout Summit, Medina, Portage, Stark and Cuyahoga counties.