People with more valuable assets can generally expect to face more complicated divorces. The end of a marriage is typically more challenging to navigate in scenarios where spouses have accumulated high-value assets.
A business is an asset that represents financial value on its own and that also generates income. It is common for people to experience more contentious divorces when the marital estate contains a business. Business owners and those who run their own professional practices may feel particularly anxious about the idea of litigating a divorce.
They may worry that a family law judge could reach determinations that are unfavorable for them. Couples in Ohio have the option of pursuing uncontested divorces or dissolutions. Can a business owner potentially negotiate terms for an uncontested divorce in Ohio?
Settling may be preferable for business owners
Judges hear from both houses and conduct a review of objective information about marital circumstances in litigated divorce. They may look over an inventory of assets, including a business valuation report. They ultimately make decisions that they believe are appropriate, and their decisions may not align with what a business owner expects to continue running their business successfully.
Provided that business owners willingly compromise with their spouses, they can set their own terms for property division that protect their interest in the company while satisfying the expectations of their spouses. Business owners may need to compromise in some aspects of the divorce in order to secure optimal terms regarding the companies that they run.
So long as they effectively set their own terms for property division, financial support and parenting matters with a spouse, they have the option of pursuing a dissolution or uncontested divorce. Some people make the mistake of believing an uncontested divorce is simpler and therefore does not require the input, advocacy and assistance of an attorney.
However, business owners have more to lose in a divorce. They need guidance on family law matters more than the average person might. While uncontested divorces involve agreements between spouses, business owners still need the guidance of an Ohio divorce attorney throughout the process.
Securing proper support early in the divorce process can help business owners set and achieve specific goals. Those who focus on the future may be able to negotiate uncontested divorces with their spouses.