One of the important issues in an Ohio divorce case is property division, and it is a topic that almost all parties will need to address. The state follows the law of equitable distribution, in which the couple’s marital assets are divided according to the interests of fairness. Property division is straightforward with some items, but a family business complicates matters significantly. The nature of the property as marital, the goals of the parties, and division of other assets and debts are important factors.
Fortunately, the parties do have some control over how divorce affects your family business. There are property division options other than court, and they deliver significant benefits. Still, the most important aspect of divorce is protecting your rights and interests, so it is wise to retain a North Canton property division lawyer for legal help. A few points should also help you understand what happens with a family business.
Ohio’s process with property division starts with determining whether an asset is marital or separate, and another analysis is value. Three questions are important:
Another practical consideration with a business is what the spouses intend for its future, if the entity is considered a marital asset. Rarely will they both continue to operate it together after divorce, but one may want to keep the company going. It will be necessary to conduct a business valuation, which is a comprehensive assessment of the company’s net worth, including the value of goodwill. These factors are important for looking at the future of the business in the context of divorce.
Once you have a business valuation, you can frame the conversation for settlement negotiations. It is wise to consider working out an agreement that protects you and the business, since contested hearings are time-consuming and uncertain. Some options for a family business in divorce include:
If you have concerns about how to address a family business in Ohio divorce, it is important to reach out for legal help right away. You can trust our team at Fout Law Office, LLC to pursue all options, and we are dedicated to protecting your rights throughout the process. Please contact our offices in North Canton today to schedule a consultation with an Ohio property division lawyer.
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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.
Teresa Fout is a fantastic advocate for divorce. She is concerned with the well-being and safety of children and did a good job getting my family what we needed. She is well-spoken, intelligent and extremely creative when problem-solving. She is personable and timely. I would recommend her to anyone who is looking for a good family, adoption, or divorce attorney. She is supportive, logical, and does her research.
Teresa is a knowledgeable and very professional attorney who cares about her clients. She did a great job in walking me through divorce, custody and support issues which are inherently fraught with emotional overload and can be simply overwhelming. I believe her solid advice prevented me from taking unnecessary actions, which would have resulted in substantially higher costs without gaining anything in return. I highly recommend her.
Teresa was wonderful, compassionate and professional. I would highly recommend her to others.
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