Shielding Business Assets And Interests In Divorce

At the Biviano Law Firm, we guide professionals and business owners in business asset valuations and divisions in divorce. We also assist owners of interests in businesses by protecting these interests. We frequently work with litigation support specialists, business valuation experts, the past and current accounting firm representing the client and other professionals to protect clients' business interests in divorce.

Separate And Marital Property

Ohio has certain laws and statutes that describe and qualify whole or fractional interests in assets, including a business or professional practice as either separate property or marital property. In general:

  • Separate property is an asset owned by one party prior to the marriage, inherited during the marriage, gifted to a party during the marriage or property specifically excluded by a valid and enforceable premarital agreement. Exact tracing of the identity and flow of the passing of such business assets must be proven to be protected.
  • Marital property generally is all property in existence at the time of the divorce filing that is not proven to be separate property.

The Division Of Professional Practices

Property division in divorce can become complicated when a professional practice is subject to division. If you are the owner of or participant in a medical, law, accounting or another professional practice, we will help to determine the value of your business now and at the date of marriage by consulting business valuation experts and securing existing documents to trace the existence of such assets.

Financial Considerations In A Divorce

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, legal and other professional practices. Attorney Bill Biviano has over 43 years of experience in asset protection matters, helping hundreds of clients throughout Northeast Ohio.

Contact Us

For more information about asset protection or division in complex property division divorce cases, call 330-392-5000 or contact us online.