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Points to consider when dividing a business in a divorce

When couples in Ohio get a divorce, if they own a business together, they must decide whether they are going to keep it or sell it. In some cases, their financial situation might dictate what happens.

Keeping the business means that the two must be able to work together effectively, or they must somehow restructure the business in a way that allows them to have less contact. It may be that both people are so integral to the business that they must either continue running it together or sell it. In other cases, one person may want to keep the business and one may want to sell, but the person who wants to keep it might not have the money to buy out the other person. A payment plan is one way to resolve this, but it still may be too much of a financial burden. If one person does keep the business, they may want to create a noncompete agreement. The business should also be appraised before one person buys the other out.

If the former partners are selling the business, they should agree on the lowest offer and the terms they will accept. It might not be possible to hold out for the largest profit if they need the money or if they want to move quickly through the process.

There may be other complexities around dividing property in a high-asset divorce. For example, even if only one person owns a business, the other spouse may still be owed a portion of its value. Another complication may arise in dividing a 401(k) or pension. These require a document called a qualified domestic relations order. Certain types of collections, and art collections in particular, may be difficult to divide because of disputes over their value by appraisers.

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