When going through a divorce, entrepreneurs and business owners in Ohio have it doubly hard: On the one hand, they have to deal with the reality of walking away from someone they believed they’d spend the rest of their lives with. On the other hand, they have to contend with dividing up their assets, in particular their business, which may be the largest asset on the table. Consequently, it is imperative that both parties be made aware of the value of the business to ensure that everyone gets their due.
One of the best ways to determine the value of a business is to acquire the services of a professional, an appraiser or an accountant. This professional will pore over the business’s books and records in an attempt to calculate the current outstanding debt, the amount of income that is generated, the expected growth of the income and the value of intangible assets.
Once the business has been valuated accurately, it is advisable to bring in a lawyer who can facilitate the division of the asset. There are several ways the former spouses can choose to settle matters, and a lot of it depends on the state within which they reside. Factors that influence the way the business gets split include the name under which the business is registered, the existence of prior agreements and the time the business was started.
In addition to facilitating the whole process, the presence of a professional lawyer may help each party avoid certain mistakes. For instance, in the event that one party tries to defraud the other by devaluing the business on the books or hiding outstanding debts, an experienced lawyer may be able to spot it. Dragging along these proceedings can be detrimental for the business, so a lawyer may help clients finish the process as quickly as possible.