At Harrison Alo, Attorneys at Law, we represent business owners in property division issues. Before a business can be divided in a divorce case, an appraisal must be done. Each spouse's contribution to the business must also be considered before it is divided.
Contact us online or call our toll free number 888-753-2515 to speak to an attorney about dividing your business in a divorce.
Business Valuations in Ohio
If the value of the business increased during the marriage, this increase in value may be considered marital property. In order to determine the value of a business or professional practice, the parties must provide the court with a report and testimony from an expert in the field of business valuation. The expert, who is generally selected with assistance of the attorney and hired by the client, works closely with the attorney in presenting the case so that the business receives a fair valuation.
To accurately appraise a business, underlying records and documents are needed. Essentially, a business valuator takes a historical look at a business to determine its value at the date of marriage, and its value at the date of dissolution. Marital and separate property are also considered.
Methods of Business Asset Division
There are several methods available for a court to divide a business asset:
- The business can be sold and the proceeds can be divided.
- One party can be awarded sufficient assets that would compensate for the other party being awarded the business. This generally happens if there are other significant assets that were acquired during the marriage.
- The court can order one party to buy out the other party's interest in the business, either through refinancing or a payment plan.
Divorce Finance Lawyer in Ohio
Do you suspect that your spouse is hiding assets or spending marital funds without your knowledge or approval? Are marital assets being diverted for non-marital purposes or used to pay for some type of addiction, or the expenses of a girlfriend or boyfriend? At Harrison Alo, Attorneys at Law, we are experienced at uncovering hidden assets and tracing improper expenditures of marital funds. When needed, we will coordinate the case with forensic accounting investigators to protect the interests of our clients. At Harrison Alo, Attorneys at Law, we represent clients in complex divorce cases involving substantial marital assets. We represent wives and husbands in cases involving financial misconduct.
Financial Misconduct in Divorce
Assets that were accumulated during a marriage are generally divided equally between the parties unless the court determines that an unequal division of the assets is fair. One circumstance where the court will often award an unequal division of assets is when the court finds one of the parties guilty of financial misconduct. This would include, for example, situations where a husband or wife used a credit card for gambling debts, spent marital funds on gifts or travel expenses for a paramour, or wasted financial assets of the marriage without the knowledge of the other party. Hiding marital assets or improperly spending assets from the marital estate are also examples of financial misconduct in a marriage. If financial misconduct is shown, the court can compensate the spouse who was injured by awarding that spouse a larger portion of the marital estate than they would otherwise be entitled to receive.
