The number of U.S. small businesses run by married couples hovers somewhere around a few million. The fact that so many smaller companies are family-owned and run can make things difficult if a couple decides to divorce. While many spouses find a way to work together even after they split, others are unable to do so. No matter what path they choose, splitting a business up during a divorce requires some legal wrangling to do so.
If you ask most individuals, they'll say that there's never a right time to go through a divorce. Coming to terms with the fact that your marriage is ending can hard on anyone. It's particularly difficult for those who are preparing to retire or who have recently done so. If you're slated to start receiving Social Security (SS) benefits soon, then it can be equally difficult.
Getting divorced does not necessarily mean you both have to move. In some situations, one person takes over the mortgage or buys their spouse out with a new mortgage, allowing them to keep the home even after the relationship ends.
Filing for divorce in Ohio is often a complicated process. In addition to determining child custody, filling out paperwork and creating visitation schedules, you are forced to divide all of the property and possessions that you have accumulated throughout your marriage. Negotiating the issue of property division can be emotional and somewhat overwhelming, as you must part with items you have grown attached to over the years. Yet, it is important to make sure you include all of your property in the settlement to make sure you receive everything you are entitled to in the divorce.
Divorcing couples should know that Ohio is not a community property state. Because of that, property is not necessarily split down the middle. Instead, the courts will divide your jointly owned property in a way that is equitable and fair, even if it might not be even.
When a couple gets divorced in Ohio, property division becomes a necessity. Ohio is not a state that recognizes community property. Instead, it divides property through equitable distribution, like most other states. Your property will thus fall into two categories: marital and separate property.
Getting a divorce often means that you will have to relinquish some of the things you have worked hard to accumulate to your ex as decisions are made about how assets will be split. Depending on how long you have been married in Ohio, some of the assets that you will need to deliberate about include your home, your retirement savings, your joint bank accounts, and your car and belongings among other things.
The term "equitable division" can cause confusion for people in Ohio. It refers to a fair division of property between spouses rather than a 50-50 split down the middle, with each spouse receiving half. Unfortunately, it is not uncommon for one spouse to unfairly try to tip the scales in his or her own favor by hiding assets from the other. If your spouse is hiding assets from you in anticipation of your impending divorce, you should know that it is not only unfair to you, it is also against the law.
Going through a divorce in Ohio means that you must abide by state laws when it comes to handling the division of assets. The higher your assets are, the more complexities you will likely run into during this process. Here are some tips on dealing with asset division in a high asset divorce that might help you out.
Here at the Law Office of Kristen L. Campbell LLC in Ohio, one of the things we do on an almost daily basis is to help divorcing couples arrive at a fair and equitable property settlement agreement. Usually this includes assessing the value of the marital home, which often represents the couple’s largest asset.