Protecting Businesses in Divorce

Business Valuation in Divorce

Attorneys serving professionals and business owners in Warren, Youngstown, and northeast Ohio

At the Biviano Law Firm, we offer experienced legal guidance for professionals and business owners who must consider the financial implications associated with the break up of a marriage. We help doctors, lawyers, engineers, architects, accountants and other professionals protect their practice during divorce. If you have questions about the value of your business in a divorce, financial misconduct or tax implications of a divorce, call our Warren, Ohio law firm.

Financial Considerations in a Divorce

When significant assets are involved in the divorce process, we can help you minimize the impact on your financial situation. Under Ohio law, when a marriage is terminated by divorce or dissolution all of the assets acquired during the marriage must be assigned a value by the court and divided equitably between the parties. This includes small businesses such as closely held corporations, family businesses, and medical, accounting, and legal practices.

Business Valuations in Ohio Divorce

If the value of the business increased during the marriage, this increase in value may be a marital asset. 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 making an effective presentation of the case so that the business receives a fair valuation.

There are several methods available for a court to divide a business asset. The court could order the business to be sold and the proceeds divided. If there are other significant assets that were acquired during the marriage, one party could be awarded sufficient assets that would compensate for the other party being awarded the business. Sometimes the court also orders one party to buy out the other party’s interest in the business, either through refinancing or a payment plan.

For aggressive, effective representation in complex divorce proceedings involving substantial marital assets, contact an Ohio divorce attorney with experience in business valuation law.

Contact Us for a Telephone Consultation Regarding Your Case

Biviano Law Firm
700 Huntington Bank Tower
108 Main Avenue S.W.
Warren, OH 44481-1089
Phone: 330.392.5000 - Fax: 330.393.0008
Since 1974
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