Are people divorcing in Ohio required to liquidate all assets such as a rental property?
Full Question:
Our landlords have started filing for divorce. The current lease will be up in a month. We want to ask the landlords to mutually sign for an extended lease of one year. But, given the circumstances and the fact we feel our landlords are under financial hardship right now, could the extended year lease by terminated at any time based on a hardship clause derived from bankruptcy, divorce or any other reason deemed suitable by the courts settling the divorce claim? Are people divorcing in Ohio required to liquidate all assets such as a rental property?
11/30/2006 |
Category: Divorce ยป Property Set... |
State: ALL |
#23
Answer:
Because the landlords are receiving the income from the property, this is not the type of debt that is discharged in bankruptcy. It is more likely that a loan against the property would be dealt with through the bankruptcy process. Ohio is an equitable distribution state, meaning that in a divorce, the property will be divided under principles of fairness. Liquidation of all assets isn't required, but it is possible that an item may be sold to satisfy the amount owed to the other spouse.
