Protecting Business Ownerships Through Divorce

Business or Professional Associations and Divorce

Divorce always presents economic challenges. When the marital estate includes an ownership interest in a business or professional association, the financial risks and complexities can be significant. It is extremely important that you are able to have clear and practical advice and effective representation when involved in a complex or large-asset divorce. During my years as a divorce lawyer, I have helped my clients navigate through the process of division of business ownership, and have helped business owners, and spouses of business owners, protect their marital share of the business during a divorce. If you would like to discuss your situation with me, please contact my Columbus office to arrange a consultation. I serve clients throughout Central Ohio.

Some of the primary issues involved in division of business assets during divorce are identification of non-marital and marital shares, valuation of the business, identification of actual earnings (often underreported) and the structure of payouts to minimize losses to taxation. When negotiating the terms of the divorce, it is important to look carefully at the overall financial picture. There are many ways to address division of a business ownership. It may be recommended to "buy-out" one of the party's ownership interest with a structured payout that allows the business to maintain profitable operations. Although, continuation of a profitable business is often the best outcome, in some circumstances it may be necessary to liquidate or sell the business, or proceed with company restructuring to effectively resolve the issues regarding one's ownership interest. Regardless, these decisions are reached only after we have had the opportunity to gather and evaluate relevant information and consulted with an expert, if necessary.

I often enlist the help of a CPA or business valuation expert with experience in dealing with the particular type of business in question in order to provide an accurate valuation. It is important to work with a financial planner to determine the most beneficial combination of dividing a business ownership with other property issues such as distribution of retirement benefits and investments.

If you would like to speak with me about protecting your business interests, whether you are the business owner or the spouse of a business owner, during divorce, please call (614) 461-5708 or e-mail my Columbus, Ohio, office for a free consultation. I accept credit cards, and can meet with clients at out-of-office locations on evenings and weekends. As your attorney, I will see that you have all of the information you need to make good decisions and proceed with confidence.

For general information, visit our Divorce and Community Property Information Center.

Dirk D. Winkler, Columbus, Ohio, Divorce Lawyer