Miami Valley Law Blog

Monday, April 13, 2020

What Happens to the House in an Ohio Divorce?

In Ohio, all property acquired by a couple during marriage is subject to division in a divorce—including the house. Ohio is an equitable distribution state, which means that courts in Ohio attempt to divide marital property evenly between the spouses. However, if equal division would be inequitable, the court will examine the following factors to arrive at an equitable result:

  • The length of the marriage
  • The assets and liabilities of the spouses
  • The liquidity of the property
  • The tax consequences to each spouse
  • The economic desirability of leaving an asset intact
  • Any other factor that the court finds to be relevant

The family home is often the most significant asset a couple acquires during marriage. The equity in the family home, which is the difference between what is owed on the mortgage and the home's market value, is marital property that is subject to a 50/50 split. However, depending on the circumstances, one spouse sometimes keeps the family home. In addition, other factors in a case may lead to an uneven distribution of the proceeds from the sale of the family home. Below is an overview of what happens to the house in an Ohio divorce.

To Sell or Not to Sell

Sometimes it’s appropriate to sell the house in an Ohio divorce, and sometimes it’s not. When the house isn’t sold, the spouse who keeps it will have to refinance the mortgage in his or her name. And when that spouse refinances, he or she may have to refinance it in an amount that is sufficient to provide the other spouse with his or her share of the equity. Often, when only one spouse has a credit score high enough to refinance the mortgage, he or she will be the one to keep the home. And when neither spouse can afford the home, they sell it and split the proceeds. Finally, if both spouses can afford the home and each want to live in it following the divorce, the court will determine which spouse keeps the house. However, whether you want to keep your home or sell it in your Ohio divorce, it’s imperative that you obtain the services of an experienced Ohio divorce attorney.

Contact an Ohio Divorce Attorney Today

Determining what to do with the family home in an Ohio divorce can be complicated. Therefore, if you are considering a divorce in the state of Ohio, you need an experienced family law attorney on your side. At Cox Keller Lusardi, our highly experienced Ohio divorce attorneys have handled hundreds of cases involving complex property division issues throughout Ohio, so you can be confident that we understand what it takes to achieve a favorable outcome in your case. Please contact us for a free initial consultation as soon as possible.

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