One of the biggest questions people have in preparing for a divorce is how assets will be divided. Similarly, you might wonder which assets are actually subject to division. For example, can the value of a higher education degree be split among parties? In some cases, a professional license or degree can be considered marital property under the law. Marriage and divorce laws are regulated under state law, meaning your degree may be marital property depending on where you and your spouse live.
While some jurisdictions consider a professional degree to be marital property, meaning that its economic value can be split equally among the parties, Ohio courts have refused to do so. Put another way, professional licenses or degrees are not subject to division in a divorce. Instead, if earning capacities are unequal, the degree is factored into the awarding of spousal support. Therefore, under Ohio law, a professional degree is relevant to the parties’ earning abilities, education, and overall income expectancies. Judges have a lot of discretion when determining spousal support and there is rarely a set formula for calculating it, meaning that it is important to know how all of your assets, including any professional degrees or licenses, may affect the court’s decision.
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At The Law Offices of Nicholas A. Kulik, we understand the importance of getting answers to how your assets, licenses, and degrees may affect your divorce. Our firm charges a flat fee for a pre-divorce consultation. There is no obligation to enlist our services after an initial consultation, but a consultation may help to alleviate any concerns or answer any questions you may have about obtaining legal help.