It is not uncommon for couples who are struggling with marital issues to keep some of that information from their friends and families. This often changes when a troubled marriage reaches divorce. However, just because someone’s divorce is common knowledge does not mean that important financial details should be as well. Ohio business owners in particular may need to think about protecting themselves during divorce.
During a divorce, identifying each spouse’s assets, liabilities and income is necessary for things like property division and support orders. For some people, this may involve disclosing private business information. Company finances, client data and other proprietary information can be easily shared and disseminated from the initial point of disclosure.
A confidentiality agreement may be an appropriate option for keeping this information a secret. This document should specify which information is to remain confidential, the penalties for improper disclosure and how to properly dispose of documents. Other important details include how documents should be treated when submitted to court and who else is privy to protected information. This usually includes attorneys and anyone else who is directly involved.
Turning over business financials during a divorce can be unnerving, especially without a plan in place. A confidentiality agreement affords someone the opportunity to create that plan. Navigating the process of creating such an agreement while also dealing with the divorce itself is a lot for one person to take on by him or herself though. This is why some people in Ohio may benefit from speaking with an experienced attorney about the role of confidentiality agreements in divorce.