This article will address dividing a business in divorce. Usually, a qualified expert witness will be needed to provide evidence of the valuation of a business. The expert looks at various factors, such as the history of the business, risk involved in the particular business, among other factors. Utilizing such factors, the expert determines the fair market value of the business. The parties will have to decide if they want to agree on a single expert or if they wish to hire their own experts. With the price of a business evaluation expert being $10,000 or more, this is no small decision. Factors that may be considered in whether to share an expert include: whether the business-owning spouse is likely to disclose all assets and liabilities of the business, including receivables; whether the business-owning spouse had a history of keeping thorough and reliable records; and how well the non-business owning spouse knows the business. (more…)
A Marshallville divorce attorney represents people who either live in Marshallville or who need to go back to the Wayne County Domestic Relations Court or Wayne County Juvenile Court because they need to revisit a child custody, child support or spousal support issue in that court. Having a Marshallville divorce lawyer on your side gives you the opportunity to have your voice heard effectively in the divorce court.
Couples who are living together do not have the same rights to division of property as married couples. Married couples have a right to an equitable division of their property. Ohio Revised Code 3105.171 (R.C. 3105.171) gives married couples this right to an equal division of property, unless an equal division would be inequitable. Using R.C. 3105.171, the court determines which property is separate property and which property is marital property. Separate property that is commingled with marital property will remain separate property so long as it is traceable. Non-married couples could have the right of married couples if they meet the requirements of common-law marriage under Ohio Revised Code 3105.12 (R.C. 3105.12), which provides for common-law marriage only if common-law marriage occurred in Ohio prior to October 10, 1991, or in another state that recognizes common-law marriage. Outside of marriage, property division for unmarried couples tend to follow general rules of equity and fairness. (more…)