If you are the owner of a business, you may have invested a signification portion of your time and energy into building it into a thriving enterprise. As such, you likely place a high value on its success, and should anything pose a threat to its longevity, you might feel it imperative to take measures to protect it.
Should you and your spouse decide to part ways, you very likely have concerns about how the outcome of the situation could affect your business. If you do not have an agreement in place dictating how the subsequent process will go, you may be in search of advice on your available options.
Potential divorce considerations for business owners
While protecting the future of your company is likely one of your main concerns, you might need to address a variety of concerns before deciding on a path. Some of the factors that could influence the subsequent process include the following:
- How your business will be classified during the division of assets: The first step to take could be to determine whether your business is separate or marital property, as this will have a substantial influence on the coming process.
- Spousal involvement: Even if your business retains its separate identity, if your soon-to-be ex works at the company and plays a significant role in its success, he or she may be entitled to a portion thereof.
- Presence of salary: Paying yourself a competitive salary could prove a vital step toward keeping your business assets separate from marital finances, as there can be consequences to mixing the two.
- Co-mingling of assets: Should you mix business assets with marital finances in any way, at least a portion of your company may become marital property in the process.
With the potential gravity the outcome of your divorce could have on the future of your business, taking steps to prepare for what comes next could prove imperative. Since the process can be complex, you could benefit from consulting with someone with intricate knowledge of Ohio state divorce laws. In doing so, you could find yourself in a much better position to make informed decisions about your options concerning the future of your company during subsequent divorce proceedings.