How can you protect your business in a divorce?

If you are a business owner in Ohio, there is one thing that could completely ruin your business that you may never have thought of: divorce. When you divorce, the court divides your assets in a fair manner. It looks at assets that are considered marital property, which may or may not include your business. 

According to Business.com, generally, assets you have before marriage are not considered marital property and remain yours after a divorce. However, a business often becomes marital property over the course of the marriage. This is especially true if your spouse helped run the business or your shared finances were used to invest in the business. Any profit earned by your business also is usually part of your marital assets and will be divided in the divorce. Obviously, this can pose some issues. If you are completely invested in the business, it means you may have to sell to give your spouse half in a divorce. Unless you can run the business together, it could spell its end. 

What are some challenges people face in divorce?

Anyone in Columbus who goes into the divorce process with the mindset that they are going to breeze right through it may be in for a rude awakening. Divorce is full of challenges that many couples find they are ill-equipped for.

No matter what changes you plan on making and the financial concerns you have, divorce is a complicated matter that requires you to anticipate potential issues that might derail you in the process. Here are a few concerns to keep in mind.

Keep these 3 things in mind when getting a high-asset divorce

If you are prepping for a high-asset divorce in Columbus, there are probably many things going through your mind right now. Regardless of how much you prepare, you could end up dealing with issues, such as alimony and child custody that often lead to contention in divorces. As Pyschcentral.com puts it, it is possible for you to advocate for you and your kids during divorce without attending every fight your spouse wants you to be a part of. 

To improve the chances of a fair outcome and lessen the amount of emotional trauma you and your kids may experience, consider the following pointers about high-asset divorces. 

Successful co-parenting is possible with the right strategy

Do you have a parenting agreement in place? Do you have hopes that this will keep you and your ex-spouse on the same page in regard to raising your child(ren)?

A parenting agreement is a good thing, but remember that you can still run into issues about child custody and support.

Divorce and child custody: Is nesting right for your family?

One of the biggest divorce concerns some Columbus area couples have is their living arrangement. Now that their marriage is over, it is time for them to decide who gets the kids. A judge must decide if one parent gets sole and complete custody or if they must share it with their partner and how to divide their parenting time. 

One way divorcing parents are resolving their child custody concerns is with “nesting.” According to CNBC, nesting is a parenting arrangement that allows parents to avoid moving their children out the marital home by taking turns living in it. The nesting arrangement is beneficial to some families but is largely influenced by finances and the couple’s ability to get along. 

Child custody issues can be solved with a parenting agreement

Going through the divorce process is a challenge, especially if you have at least one child with the other parent. As you focus on the steps you can take to improve your situation in the future, you also need to think about the well-being of your child and the best way to raise him or her.

Child custody issues have a way of moving to the forefront of divorces. But having custody battles as a focus can make things worse on both parents and kids.

What is the secret to an amicable divorce?

If you believe it is possible for you to have a drama-free divorce in Columbus, you are on the right track to achieving one. Divorce is not easy, neither is moving on. Besides having concerns about property division and child custody, you might be wondering how you and your partner can resolve your separation without dragging out the proceedings and badmouthing each other. 

Amicable divorces are possible, but they require a lot of work. If you and your soon-to-be ex-spouse are determined to remain on good terms during and after your divorce, consider the following pointers. 

Estate planning issues for divorced parents of minor children

Updating your estate plan is on your to-do list after your Ohio divorce; you know your ex-spouse is not the one you want to name as your health care proxy or life insurance beneficiary. However, the two of you have a child together, and that complicates the issue. The legal team at the law office of Gregg R. Lewis, Esq. - Harry Lewis Co., LPA, often counsels divorced parents with minor children in estate planning matters.

You and your spouse spent a long time considering before you chose the guardian who would take care of your child if both of you die. In your new will, you may name someone else, but this could lead to litigation and will contests if your former spouse names another person. If at all possible, the two of you should cooperate and name the same person in your updated wills to reduce the chance of conflict and emotional distress for your child in the event that he or she loses both parents.

What are some common mistakes that occur in a gray divorce?

If you are thinking about leaving your spouse after being together for 20 or more years, you may be surprised to learn your situation is a lot more common than you think. According to CNBC.com, during the last 28 years, the divorce rate for couples who are 50 years old and older has doubled. Late-life separations are commonly called gray divorces. 

Not all marriages are capable of surviving. Common causes of separation for older couples include growing apart, having different priorities, boredom and financial difficulties. It is important for you to realize that a late in life divorce in Columbus is not always easy. Review the following pitfalls you should avoid in your gray divorce. 

How is debt divided in a divorce?

While you may be focused on dividing assets and determining custody during your divorce, one other thing you will have to handle is debt. The general rule when it comes to dividing anything in a divorce in Ohio is that whatever anyone brought into the marriage or whatever is yours only remains so after the divorce. For example, if you owned a classic car before you got married and maintained it as only yours, then it will remain yours after the divorce. The way debt is handled is different, though, according to the Ohio Bar Association.

Ohio family law does not address debt in a divorce at all. There are no laws saying how a court must divide it. This makes it a tough situation when you have a lot of debt in a marriage and need to separate it out in the divorce. The final say remains with the judge who can do what he or she feels is best. 

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Gregg R. Lewis, Esq. - Harry Lewis Co., LPA
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Columbus, OH 43206

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