Are you worried about what will happen to your belongings if you get a divorce? Will you get to keep the ring your grandmother gave to you? What will happen to the TV you bought last year? What about the car?
The main thing you need to know is the difference between martial and separate property. Ohio is an equitable distribution state, which means that marital property in a divorce must be divided in a fair and equitable way. Marital property is property acquired by the couple during the period of the date of marriage through the final hearing of a legal separation or divorce action. On the other hand, non-marital property or separate property does not follow the above rule and belongs to only you (Ohio Revised Code 3105.171).
Separate Property is defined as:
an inheritance by one spouse by bequest, devise, or descent during the course of the marriage
property that was acquired by one spouse prior to the date of the marriage
passive income and appreciation acquired from separate property by one spouse during the marriage
property acquired by one spouse after a decree of legal separation
property that is excluded from the couple's marital property by a valid prenuptial agreement
compensation to one spouse for that spouse's personal injury, except for loss of earnings during the marriage and compensation for expenses paid from marital assets, and
any gift of property that is made after the date of the marriage and that is proven by clear and convincing evidence to have been given to only one spouse.
Marital Property is defined as:
all real and personal property currently owned by either spouse or both, and that either or both acquired during the marriage (this includes retirement benefits)
any interest of either spouse or both in any real or personal property, and that either or both acquired during the marriage (again, this includes retirement benefits)
all income and appreciation on either spouse's separate property, due to the labor, financial, or in-kind contribution of either or both of the spouses that occurred during the marriage (unless an exception applies), and
participant accounts in state and municipal deferred compensation plans, to the extent set forth in the applicable statute.
To further understand how property is divided it is helpful to understand the differences between the following:
Real Property: Real property includes land itself and any buildings and other improvements attached to the land. Real property can’t be moved.
Personal Property: Personal property is anything besides land that is subject to ownership. Unlike Real property, Personal property is moveable. Further, there are two types of personal property: tangible and intangible property
Tangible: Tangible property can be physically handled such as:
furniture, jewelry, clothes, etc.
Intangible: Intangible property is property that cannot be physically handled. This includes:
checking and savings accounts, stocks, trust fund accounts, etc.
By: Stephanie Lessard Harris, Attorney at Law