When Ohio couples who are also business owners get a divorce, deciding what to do about the company can be difficult. The couple can continue to run the business together, they can sell it or one can buy the other one out.
For the first option, the couple will usually need to have a relatively amicable relationship. If they do not and they still want to keep the business, they might be able to restructure it so they do not have direct contact with one another. They should also decide what role each of them will play in the company. If the couple decides to sell the business, they might want to wait until they can get what they agree is an acceptable profit. They should agree about the minimum offer they will accept and what the terms are. In some cases, they may not be able to wait for the most profitable offer and may need to sell for less than is ideal for financial reasons.
If one person is going to keep the company, they need to bring in an appraiser to get the value of the business. If the buyer lacks sufficient cash flow, they might need a long-term payment plan in place. The couple may also want to discuss a non-compete agreement.
An attorney may be able to help a person negotiate this and other divorce terms. Even if a couple does not own a business, they may need to reach an agreement on other complicated issues around the division of assets. For example, if the couple owns a home, they might need to consider some of the same factors as they decide whether one will keep it or if they will sell it. Dividing a valuable collection, such as art, could require a complicated appraisal process.
