In Columbus, Franklin County, and throughout Ohio, when a business or professional practice owner is facing the possibility of divorce or dissolution, he or she needs sound advice from their divorce attorney regarding what to expect . They need to be able to trust their attorney to understand and explain what lies ahead.
The end of a marriage causes upheaval, and to many business or professional practice owners, the thought of both their marriage and their livelihood being disrupted is simply unthinkable. In addition, if the practice is producing an income stream and the business owner is facing the possibility of paying child support or spousal support, he or she wants to know what to expect, especially in light of the fact that the income from their company may fluctuate from year to year, or even from season to season.
Whether your business is in Columbus, Franklin County, or elsewhere in Ohio, the business owner facing a divorce wants advice from their attorney about the law and what to expect from the courts. If part or all of the business or its assets were owned before marriage, or the owner has a prenuptial agreement, he or she needs an experienced divorce attorney that is able to tell them what their claims are for separate property, what will be his or her burden of proof if they want to keep that property, and provide a plan of action to do just that. Likewise, the owner needs to be able to trust his or her attorney to give them direct, honest, and practical advice about their best options.
10 Questions a Business Owner or Professional Practice Owners Might Ask their Columbus Ohio Divorce Attorney
1. Is my business an asset that can be divided in the divorce? What if I had my business before I got married?
2. My income changes from month to month. If I have to pay child support or spousal support, how much can I expect to pay?
3. Do I have to sell my practice and give my spouse half?
4. I inherited my company from my parents. Is my company marital property or separate property?
5. What about the debts my business has? Does my spouse have to pay half of the debts of the business too?
6. I have partners and we have a buy/sell agreement. How does that effect the divorce?
7. My business was just started and has not made a profit yet. Is it still an asset?
8. My partners and I have a non-compete agreement. How does that relate to the value of my practice?
9. If my practice has to be sold, then I won’t have an income stream to pay child support or spousal support. Shouldn’t that issue come into play?
10. What happens if I hire an expert and my spouse hires an expert, and they do not agree regarding the value of the practice. What happens then?