Legal Question in Family Law in Ohio
Use of marital assests during dissolution
My wife of 30 years and I are filing for a dissolution. I moved out of our house 5 months ago. The house is fully paid for. I am considering buying a condo instead of renting, but my wife's attorney says I may not use any of the marital assest for a downpayment. What are the ramifications of buying property in my name only while the dissolution is pending. Nothing has been filed in court yet.
2 Answers from Attorneys
Re: Use of marital assests during dissolution
If you use marital assets to purchase a condo, then your wife may be entitled to some of the equity in the condo. There are, however, all sorts of exceptions. I recommend you call an attorney. That way, your attorney can negotiate the terms of the dissolution with your wife's lawyer.
Re: Use of marital assests during dissolution
Technically you can do this because, unlike after one files for divorce, your marital assets are not frozen. You wife will continue to have a claim on your new purchase, however. The purchase muddies the water, but if you go ahead with this, you should provide written assurance to your wife(through your attorney) that the money used to invest in this condo is regarded as a portion of the marital assets which you will account for and deduct against your share of the division of the assets when all is said and done.
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