Dividing Businesses In A Divorce
Divorce involving a business can add layers of complexity to the property division proceedings, especially when the business is highly profitable and likely to remain so. That is why enlisting the services of an experienced divorce attorney is important.
Whether you, your spouse, or both of you own the business or if the business is co-owned with partners, property division can become a daunting task. At Harry Lewis Co., LPA, we have been handling property division cases in Columbus, Ohio, for over 40 years. We have the knowledge and experience to handle business valuation and division, helping ensure our clients receive a fair and equitable outcome.
Is A Business Marital Property?
In Ohio, businesses are considered marital property if they were acquired during the marriage. If one spouse actively participated in the business during the marriage or the business grew during the marriage, this can also be a factor in determining whether any part of the business is marital property. In addition, if matrimonial funds or assets funded or supported the business, this can also lead to the business being considered marital property.
The division of marital property, including businesses, is governed by Ohio Revised Code (ORC) section 3105.171. This law requires courts to divide marital property equitably, considering various factors, such as:
- Length of the marriage
- Assets and liabilities of each spouse
- Economic needs and earning abilities of each spouse
Our knowledgeable divorce lawyer offers tailored advice about how the law applies to your situation. We can provide you with personalized representation based on the unique circumstances of your case.
Your Trusted Divorce Attorney In Columbus
Whether you need to understand tax implications, business valuation, court representation or need a mediator, our job is to help. We try to make a painful process as painless as possible by setting realistic solutions and expectations. Call Harry Lewis Co., LPA, at 614-721-6175 today to schedule a free consultation.