Smith, Meier & Webb, LPA

Ohio family law: Protecting your business in the event of divorce

A good number of men and women in Ohio own their own companies. The last thing they want is for something to tear their businesses apart. Unfortunately, the one thing that may end up doing just that is their marriages. The sad reality is, not all marriages make it. If, with the assistance of a family law attorney, the proper steps are not taken to protect one's business, it may not survive the divorce process.

A Forbes article was recently published regarding women business owners and how they need to divorce-proof their companies. In the article, it discussed two women in particular. One had co-founded a company with her husband and another who opened her business all on her own.

The woman who co-founded her company ended up losing her business in her divorce. Her husband bought her out and took control. The woman who started her own company had taken steps before her marriage to protect her company. She kept her business income separate from her marital income, and she had her husband sign a prenuptial agreement before the marriage, stating the business would remain hers in the event of divorce.

While this article was focused on women entrepreneurs, both men and women may lose their businesses in divorce if they are not careful. There are things that can be done to protect one's business and get through the divorce process with minimal impact on the company. A family law attorney can discuss all available options with Ohio residents who wish to divorce-proof their companies.

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