U.S. Census data indicate that 3.7 million businesses have spouses who are also partners in the business. In the event of such a complex divorce, the conflict between spouses can often compromise one or both parties’ interest in the company, not to mention the future of the company they both work for. Hyde Park divorce attorney John Heilbrun has helped many couples navigate the personal and professional concerns that make ending a marriage so difficult.
Many divorcing couples who share a business can benefit from a prenuptial agreement that specifies the rights and responsibilities of both parties in the event of divorce. However, not every couple engages in this divorce planning process.
If no prenuptial agreement was entered into prior to the marriage, likely next steps in determining the division of property as it applies to the business include:
- Business valuation. Ideally a qualified and experienced professional, such as a certified public accountant (CPA) who is independent of both spouses and the business, should perform the valuation process to ensure an a fair and objective assessment of the company’s value
- Discussing how the business roles of the divorcing parties might change, and how the business will cope with the changes
- Transparently reporting your assets and debts. Attempting to conceal property from your spouse during the divorce process can only jeopardize your standing in the eyes of the court
Divorce laws in Ohio are complex, and proceedings that involve the resolution of business issues can be very complex. An experienced divorce attorney can provide the guidance you need to protect your financial future once the marriage ends.
Please contact the Law Office of John Heilbrun or call 513-321-3940 today to schedule your initial consultation. Mr. Heilbrun serves clients engaged in complex divorce throughout the Cincinnati area.