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Columbus Attorneys Handling Divorce For Business Owners

Owning a business, professional practice or partnership adds significant complexity to the divorce process. For any Columbus business owner, your company is more than just an asset. Your company represents a dream, your livelihood, your hard work and your future.

An experienced divorce lawyer for business owners can help you understand your options and protect your rights, as well as your company’s stability. At Baker & Wick LLC, our founding attorneys bring more than 40 years of combined experience to complex asset division cases.

What Happens When A Divorcing Spouse Owns A Business In Ohio?

In Ohio, a business or professional practice is considered marital property if you or your spouse started or acquired it during the marriage. If you owned the business before the marriage, only any appreciation or growth in its value during your marriage is a marital asset. However, if you used marital funds or your spouse’s personal effort contributed to the business’s growth, a portion of the business may be considered marital.

Finding The Value Of A Business In Ohio

Unlike a publicly traded stock, a closely held business needs a formal valuation. We often work with financial professionals to employ one or a combination of methods, including:

Asset approach: The asset approach method calculates the value of the business by subtracting its liabilities from the fair market value of its assets.
Income approach: An income approach uses the business’s expected future earnings to determine its current worth and often involves the capitalization of earnings or discounted cash flow analysis.
Market approach: The market approach compares the business to similar companies that have recently been sold in the same or comparable industries.

Determining a company’s true worth is a critical step in a business owner’s divorce. In many cases, we use forensic accountants to perform a thorough investigation. A forensic accountant can help us accurately calculate true income.

What Documents Do Business Owners Have To Disclose In A Divorce?

The court needs a complete financial picture to ensure a fair property division. Mandatory documents you have to provide usually include:

Personal and business tax returns for the past several years
Financial statements, including balance sheets and income statements
W-2s and 1099s for yourself and key employees
Business checking, savings and investment account statements
Documentation regarding business debts, mortgages and loans
Any existing operating agreements, partnership agreements or shareholder agreements

We can assist with the clear organization and presentation of this complex information. Accurate and timely disclosure is vital. It establishes credibility and helps move your case toward a successful settlement. A divorce lawyer for business owners can facilitate this document-intensive process.

Comprehensive Legal Guidance For Business Owners

We provide comprehensive legal guidance designed to protect operational stability and cash flow during and after your divorce. We help clients with key business-related issues, including:

Business valuation: We work to accurately determine the marital value of the business and prove the nonmarital portion of your ownership.
Negotiating buyouts and retaining control: We strategize to structure a property settlement to compensate your spouse fairly and allow you to retain 100% of your ownership interest.
Addressing tax implications and cash flow: We consider the tax consequences of property transfers and structure settlements to minimize the impact on your company’s working capital.

Often, our ultimate goal is to protect your ownership and keep the business operating smoothly. Our divorce attorneys have extensive experience in high net worth divorce cases and these high-stakes cases involving closely held companies, family businesses and professional practices. We are dedicated to ensuring your business survives and thrives after your divorce.

Let A Columbus Divorce Lawyer Help

Divorce does not have to mean the end of your business. We help business owners understand their options. As a trusted divorce lawyer for business owners, we are here to advocate for you. To schedule an appointment, call us at 614-697-2627. You can also reach out to us by sending a message through our website.