Business ownership can be rewarding and lucrative, though if you are ending your marriage, it can make the divorce process significantly more complicated. Not only will you need to address the equitable division of complex business assets, but your livelihood might be on the line.
The Ohio divorce attorneys at Fout Law Office, LLC have extensive experience in both business and family law, and here we’d like to share some insights into the unique challenges of divorce for business owners. We understand that with so much at stake, you want reliable answers, and legal representation from a lawyer who regularly works with business owners.
Ohio law requires divorcing spouses to equitably divide all marital property, and each spouse retains their own separate property. It is important to have the right attorney evaluating whether your business interests are marital property that will need to be divided. Some possible scenarios include:
You might assume that if you own a business without your spouse, you will be able to simply retain the business following a divorce and maintain the status quo. This is not automatically true, however, and some – if not all – of your business interests can be at issue when it comes to property division.
If some or all of your business is marital property, you need to determine how much the business is worth. There are different methods of business valuation, and your attorney can hire a business valuation expert to use an agreed-upon valuation method.
Once you know what the marital property portion of your business is worth, you must decide how your business will fit in with the equitable distribution of property. There are many factors considered when determining how to equitably divide all your property and assets, and you want a lawyer who can assist you in keeping your business whenever possible.
If you own the business without your spouse, you might negotiate for your spouse to get other property – such as a home – in exchange for you keeping the company interests. If you own the business with your spouse, there are different options, including:
There also might be other issues to address, such as any buy-sell agreement or owner’s contracts.
At Fout Law Office, LLP, we handle a wide range of business law matters in addition to complex divorce cases, making our lawyers adept at handling divorce for business owners. If you need assistance with a divorce involving complex business assets, contact us to set up an appointment today.
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Teresa was the guardian of my case, she listened to what my younger sister and I had to say and had our safety as the main priority no matter what. She handled the case with compassion and professionalism. She has saved my sister and I from a dangerous situation with our biological mother and has changed our lives for the better.
Teresa Fout & her law partner are amazing!!! Teresa was our attorney & she was amazing!! She was always there day or night!! She returned our calls & emails promptly!!! BEST FAMILY ATTORNEY BY FAR!!! Thank you Teresa for everything!!! Your the BEST!!!
Teresa is a very professional legal representative that was very patient with me and very comforting. She took the time to answer and clarify, if needed, any questions I had. She was very helpful and knew the laws and how to handle what I would call a difficult situation. She even assisted me after the divorce was final with some advice I needed and was there for me even with her busy caseload. I would certainly recommend her to anyone that would need her services.
Attorney Fout is amazing! She had to wear many hats during a very difficult case for my children and me over a 3-year process. She has a great depth in many areas of the law with the ability to understand how painful these times can be. She is very professional and has an extreme passion for high integrity. Because my children were involved her background as a Guardian ad Litem was so profound. I recommend her to others in need, as she can help in a plethora of legal avenues.
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