Business Owner Divorce Attorneys in Columbus

Business owner divorce attorney specialists with over 59 years of experience.

Spouses who co-own businesses together have a more difficult time untangling their finances than most others. Divorces can put otherwise solvent businesses in peril or end up being in the middle of a tug-of-war.

Regardless of whether you and your spouse co-own an LLC, a sole proprietorship, a general partnership, a professional organization, an S corporation, or anything else, the business owner divorce attorneys in Columbus at the Lawrence Law Office have successfully helped couples divide their assets in accord with Ohio’s equitable division laws. In this article, we’ll discuss how a Columbus business owners divorce attorney can help you and your spouse manage something in the divorce that you created together.

What to Expect of a Family-Owned Business in a Divorce

Generally speaking, there are a few different things that can happen to a business when a couple owns and manages the business together. First, of course, is that one of the partners gives up their share of the business as part of the divorce settlement and then goes on to do something else. The second is that the two spouses remain business partners and attempt to manage or keep their shares in the business together. Lastly, in cases where the business is unlikely to survive the divorce, the couple may opt to liquidate the business and then distributed it in accord with Ohio’s equitable distribution laws.

Key Factors in Resolving Business Ownership in a Divorce

There’s no manual for dividing ownership in a business during a divorce. Each situation is unique and will depend heavily on the wishes of the spouse. In the majority of these cases, one spouse chooses to divest their interest in the business either because they want a clean break or because it makes more sense to do that for all parties involved. In a lot of cases, the business might end up in a tug of war between the two spouses. This can happen for any number of reasons. Sometimes the spouses will try to make a post-divorce business partnership work. Sometimes it does. More often it doesn’t. Some of the major factors that will determine what happens to a business during a divorce include:

    • When the business was started. Ohio considers marital property to be anything that was acquired during the marriage. If the business was started during the marriage, it is marital property. If one spouse started and owned the business before the marriage, it is more likely to be considered their property depending on several other factors.
    • The increase or decrease in the business’s value during the marriage. If one spouse started the business before the marriage but the other spouse made significant contributions to the business during the marriage that caused the business to increase in value, then this will have a major impact on what the court deems and equitable distribution of the business.

 

  • Who wants the business? If either spouse wishes to divest their interest in the business, they can do so. But their share of the business must be valuated and then the court must assign a percentage.

 

As business owner divorce attorneys in Columbus, Ohio, the Lawrence Law Office has successfully negotiated deals that involved complex interests that both spouses had in a single business. While it’s true that sometimes one party walks away feeling angry at the outcome, it’s also true that arrangements can be made to satisfy the needs of both parties.

Since Ohio is an equitable distribution state, one spouse who is seriously committed to the business can buy out the other party’s interests. The complexity comes into play when attempting to properly evaluate the business.

Client Reviews

Had free consultation. Advice given was taken, and resulted in change of mind in the other/opposing party. We therefore did not need to retain. Should opposing party resume original opinion, we will retain.

Kit

I was in a terrible custody dispute with my ex. I was very upset and afraid of my ex. Rodd listened to everything I said and remembered everything I said. He was aggressive in court and used the information I gave him very well. We won the case and my ex has backed off.

anonymous

I wanted an easy divorce from my wife. She wanted a fight. Rodd and I discussed fair terms for a dissolution. Because he was pro active and stayed on top of the case, my wife and I finally reached an agreement and had a dissolution. I highly recommend Rodd.

anonymous

I hired Linda Lawrence because I have a business and I wanted to protect it in my divorce. Linda is top notch and knows about business finance and assets. I was able to keep my business and not have to pay my wife anything from it. Hire her.

Linda

I hired Linda Lawrence because I needed an aggressive attorney. Linda was able to stand up against the other attorney and was very aggressive in court. It was an expensive divorce case, but that was because the other attorney was very aggressive and Linda was very thorough. I had great results in my case and highly recommend Linda.

Joy
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The Lawrence Law Office Can Protect Your Business During Divorce

Divorce has the potential to destroy years of hard work and investment in a business. But the Lawrence Law Office has successfully helped couples dissolve their marriage while simultaneously minimizing the divorce’s impact on the business. Our business law experience allows us to come up with creative solutions to the problems of disentangling interests in one business. This includes protecting partial ownership when both spouses hope to move forward as business partners even if things didn’t work out as marital partners.

Talk to a Divorce Issues Attorney for Business Owners in Columbus

Divorces in which the spouses own a partial interest in a business is a complex affair. It requires attorneys who understand what’s at stake and can protect the business during the transition. Our attorneys have helped hundreds of couples in the Columbus area manage their share of a business during a divorce. Contact our Columbus business owners divorce attorneys today to set up an appointment.

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