Delaware Business Owners Attorneys
Business Owners specialists with over 59 years of experience.
Delaware, OH Business Owners Lawyers
Couples in which one or both spouses are partners in a professional law or medical practice or other small business, face challenges in the division of marital assets during a divorce. There are many complicated divorce issues for business owners in Ohio, including taxation issues and valuing the business. These are complex issues that require an experienced attorney.
Whether you own a sole proprietorship, general partnership, LLC, S corporation, corporation or limited liability partnership, the business and divorce attorneys at the Lawrence Law Office are experienced in helping separating couples divide their businesses.
Who Owns the Business?
If you and your spouse own a business together there are many questions that need to be answered including:
- Is the business going to survive after the divorce? If both spouses make substantial and unique contributions to the business, then it might not continue profitably.
- Who is going to take over the business after the divorce? Sometimes, it is better to sell a business after divorce and divide the equity.
- Are you going to continue working together post divorce? Even when a couple gets along, there is always a chance one meets a new romantic partner and decides to move away. A business might not survive this move.
If only one spouse owns the business, we will determine whether there is a buy-sell agreement. This agreement will dictate what to do if one of the partner’s interest is in danger because of bankruptcy or divorce.
Often, one person owns a sole proprietorship and the other spouse has nothing to do with the business. The sole owner might be surprised to find that the business is considered marital property even though he or she is the only one who does work.
It is important to remember that judges determine whether a business is marital using the same analysis that they would any other asset. In particular, they look at when the business was started and what assets were used to fund the business. Even if a business was started while you were single, some of the value could be considered marital, especially after your business has grown.
How To Protect Your Ohio Business Through Divorce
Divorce can have a devastating effect on your business. If you are ending your marriage and own your own business there are ways protect it.
For example, both spouses might work on the business together. Now, the conflict stemming from the divorce could spill over into business affairs. One spouse might try to seize the business books, fire staff, or form contracts that are not advantageous. One spouse might even start looting the business bank accounts.
If you run a business with your spouse, you need to move quickly. We can protect business assets and your company’s reputation, but the more time we have to act, the better.
At the Lawrence Law Office, our business owner divorce law experience makes us especially adept at ensuring that your business has all the necessary documents, including operating/shareholder agreements, that limit the fallout in case of divorce.
If you do decide to sell the business, then we can work with valuation experts to help determine an asking price. Even if your contributions to the business are essential, you could continue to work as a salaried employee for the new owner.
Contact Our Delaware Lawyers Today
We look forward to meeting with you to understand your needs and help you accomplish them. We welcome your call from anywhere in Ohio including Delaware, Columbus, New Albany, Westerville, Worthington, Powell, Dublin, Lewis Center, Shawnee Hills, Hilliard, Upper Arlington, Marysville, Sunbury, Ostrander, Waldo, Plain City and Centerburg. Contact us today at 740-363-0990 to schedule an initial consultation to discuss your business and your goals.
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Our Practice Areas
Family Law
Attorneys for Divorce, Child Custody & More At the Lawrence Law Office, we are committed to helping families in conflict find creative solutions that focus on addressing their goals and...
Divorce
Columbus & Delaware, OH Divorce Lawyers In Ohio, there is more than one way to separate from your partner and dissolve your marriage. A divorce is typically a contested proceeding, with each side...
Contempt and
Enforcement and
Post divorce
Enforcement and
Post divorce
When working through your divorce with an Ohio family law attorney, chances are your divorce agreement made allowances for child support. spousal support or
Business owner
divorce
divorce
Dividing the marital assets between divorcing people can be one of the most contentious issues during the entire divorce process. Ohio law allows the couple to work together with...
Child Custody
Dividing the marital assets between divorcing people can be one of the most contentious issues during the entire divorce process. Ohio law allows the couple to work together with...
High Asset
Divorce Cases
Divorce Cases
Helping With Child Custody, Visitation & Support Updates Or Modifications Sometimes circumstances substantially change after a divorce and require parents to revisit an existing...
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