Are limited partnerships obtained during marriage considered martial assets in Ohio?

Full Question:

Are limited partnerships obtained during marriage considered martial assets in Ohio? The party has played a role in the management of the properties.
01/03/2007   |   Category: Partnerships ยป Limited   |   State: Ohio   |   #57

Answer:

A limited partnership is a modified partnership. It is half corporation and half partnership. This kind of partnership is a creature of State statutes. In a limited partnership, certain members contribute capital, but do not have liability for the debts of the partnership beyond the amount of their investment. These members are known as limited partners. The partners who manage the business and who are personally liable for the debts of the business are the general partners. A limited partnership can have one or more general partners and one or more limited partners.

Interest in a limited partnership association is personal estate, and may be transferred under rules prescribed by the association. Such transfer shall take effect when the instrument transferring the interest is delivered for record, including the names of the parties thereto and the amount of the interest so transferred, in the office of the county recorder, who shall enter it. For such entry he shall receive the same fees as in other cases.

In making a division of marital property, the court shall consider all of the following factors:



1. The duration of the marriage;

2. The assets and liabilities of the spouses;

3. The desirability of awarding the family home, or the right to reside in the family home for reasonable periods of time, to the spouse with custody of the children of the marriage;

4. The liquidity of the property to be distributed;

5. The economic desirability of retaining intact an asset or an interest in an asset;

6. The tax consequences of the property division upon the respective awards to be made to each spouse;
7. The costs of sale, if it is necessary that an asset be sold to effectuate an equitable distribution of property;

8. Any division or disbursement of property made in a separation agreement that was voluntarily entered into by the spouses; and

9. Any other factor that the court expressly finds to be relevant and equitable.