The family changes that come with divorce can be difficult to handle. However, for some couples in Ohio, divorce does not just affect family life; rather, it affects their professional lives as well. If you own a business with your spouse and are contemplating or getting started on the divorce process, a family law attorney can help you figure out the best way to treat the business during the property division settlement phase.
What happens to companies owned jointly by spouses when they choose to end their marriages? There will be those spouses who just want an out — so to speak — so they do not have to deal with their soon-to-be exes any further. There are others, though, who will not want to walk away from everything they have built. In order to determine what you will want to do, you will have to ask yourself one important question: Can we continue to build a successful business even though our marriage did not work? If the answer is no, then you can seek information about what to do next.
There are some former couples who are able to continue to work together even after their marriages have ended; others, though, are not so lucky. In such cases, one spouse may be able to buy out the other’s interest in the company. This can be done in the form of money or it can be done by agreeing to give him or her more of the marital assets. If necessary, it is also possible to sell or close the business and split any proceeds or remaining assets. To learn more about your options if you and your spouse choose not to remain in business together, please visit our firm’s website.
The divisions of property in divorce takes time, especially when complex assets such as a family owned business is involved. Divorcing couples in Ohio can seek help in figuring all of this out. With the assistance of an experienced family law attorney and other professionals, it is possible to reach a fair and balanced settlement with which you and your spouse will be satisfied.