Business Assets and Your Divorce
The inclusion of a business as an asset during divorce can raise the level of complication and frustration, both for the business owner and his or her spouse. Losing one’s business in a divorce may mean losing a primary source of income. However, the spouse of a business owner is entitled to a fair share of marital assets, which may include a business.
Whether the business in question existed before you married, or you and your spouse established it together, you are certain to have concerns about the fate of the business after the divorce is settled. The attorneys at Smith, Illner & Gemelas Co. LPA understand that multiple legal issues often happen at once during a divorce. We are committed to helping you get everything you are entitled to have under Ohio law.
Protecting Your Business Interests
Even if you started a business prior to your marriage, your spouse may be entitled to a share of the business due to marital property contributions during your marriage. Those contributions could be financial or in another way. Our lawyers have the experience to evaluate whether your business is martial property, separate property or a combination of the two.
Valuation is crucial to obtain an equitable division of a business. Our lawyers will work with experts to ensure the business is fairly valued. Then we will help you negotiate a fair way to divide it. One option is to negotiate the trade of other assets for the spouse’s share in the business. It is usually in the interests of both the business owner and the spouse to achieve a solution that preserves the business as an ongoing concern.
Contact Us for Personal Attention to Your Needs
We pride ourselves on our ability to negotiate for agreeable solutions to delicate divorce issues. However, an amicable solution is not always possible, especially when a complex asset like a business is involved. In those cases, we are prepared to provide aggressive and individualized litigation to defend your rights and financial interests.
Our attorneys understand what is at stake, and we are eager to put our experience to work for you beginning with a free evaluation of your case. Contact our Elyria offices at 440-328-4574 for an appointment or use our online form.