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.
There are a couple options that could help to save your business. One option would have to occur long before the divorce is even a thought. That would be a premarital or post-marital agreement that protects the business. If you are already at the divorce stage, these options are not available, so you could try another approach. You may consider offering your spouse other assets that equal the value of the business assets he or she would be awarded. This may leave you with few assets beyond the business, but it could save your business. This information is for education and is not legal advice.