Columbus Divorce and Business Owners Attorneys
During a divorce, property division can be complicated by a family-owned business or professional practice. The value of a business is included in the equitable distribution of property and can significantly affect the end result.
Because every business is different, every business valuation and division is different. Will someone maintain control over the business? Should the business be dissolved? How should the business assets and debts be divided? All of these questions — and many more — must be addressed during divorce. At Farlow & Associates, LLC, our Columbus divorce and business owner lawyers can help you ensure that your interests are protected during business valuation and division.
Dividing and Valuing a Business
Disputes over business division often start with business valuation. Experts can assess a business differently, causing tension between parties. Our law firm has access to a number of top forensic accountants, financial investigators and other financial experts who we trust to determine the value of our clients’ businesses.
Getting all the assets on the table during a business division is essential. We have handled multiple cases involving hidden assets, improper asset transfers and other complex valuation issues.
Inventorying property and assets can be difficult during a divorce or dissolution. The fact that a 401(k) is in one spouse’s name does not mean that he or she gets to keep it. The name on the asset is not dispositive. Rather, the court will ask: was the asset acquired and cultivated during the marriage?
In divorces involving the division of a business started before marriage, courts must determine the duration of the marriage. According to the Ohio Revised Code, courts do not have to use the actual wedding date or separation date to determine the marriage duration; they can use whatever is “equitable.” For example, if you and your spouse started a business before you were married, we may be able to convince the court that the entire business should be included in “marital property.”
Contact Our Dublin, Ohio, Business Division and Valuation Lawyers
At Farlow & Associates, LLC, our clients expect prompt and attentive legal services — and our lawyers provide it cost effectively. To talk to a Dublin, Ohio, business division and valuation lawyer, please contact us by calling 614-734-1270.