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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Legal representation is critical for a wide range of matters that affect your rights, financial interests, and relationships. When you are facing questions regarding family law in Ohio, getting help…
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