How is a business handled in property division?

You and other small business owners in Ohio are proud of the work and time you invested in making your business successful. You may also have employees who depend on you, who might now be worried about their livelihood if you are going through a divorce. How your business is divided depends on whether you started your business before or after you got married, as well as numerous other factors.

Making sure you account for all marital property

When you file for divorce or legal separation, there are a myriad of issues that must be negotiated before creating the final settlement. Property division may be one of the most difficult topics to approach, as you may have developed a strong attachment toward some of the possessions you have accumulated during years of marriage. All property and assets that were amassed during the time you were married are considered marital property and are eligible for division in the divorce. It is critical that you understand what marital property is so you can be sure to get everything you are entitled to in your settlement. 

What constitutes marital property in a divorce?

Going through a divorce or legal separation can be daunting, especially when it comes time to divide the property and assets that have been accumulated throughout the marriage. This can be an emotional process, as people often become attached to certain possessions. It helps, however, to understand what constitutes marital property so you can ensure you receive everything you are entitled to in the divorce settlement. 

How do I find an ethical art appraiser?

Some Ohio divorces involve splitting up assets such as artwork, which will require an appraisal to determine its value. However, if you have never had to appraise your artwork before, you might wonder how you can find a good appraiser. To avoid the problem of having your artwork incorrectly valued, it is crucial to be on the lookout for qualities that make an honest, ethical appraiser.

What criteria apply to art appraisal?

You may think that it is most difficult to divide financial accounts worth thousands or even millions of dollars during divorce proceedings in Ohio, but that is not necessarily the case. The valuation and subsequent division of tangible assets such as art pieces often present a bigger challenge, not only because of the monetary value involved but the sentimental attachment you and/or your spouse may have formed to the piece.

What can I do if I am unhappy about my divorce decree?

After the process of getting a divorce in Ohio, you may be left with a divorce decree that you are less than happy with. There are a number of reasons why this may happen. In any case, though, you do have the right to try to get it changed if you so desire. You must follow a formal process to have any changes made to a divorce decree, according to the Ohio State Bar Association. However, what you must do depends on who handled your case. You must go through different methods depending on whether your case went through a judge or a magistrate.

Dividing retirement accounts

Retirement accounts often rank among the most complex assets that have to be dealt with during property division proceedings. One reason may be because many in Columbus may question why these accounts are even considered to be marital property. On their own, they are not; it is the contributions made to them during a marriage that are. Contributions to a 401k or retirement pension plan are typically benefits one earns through their employer. Like the salary own receives, these benefits are intended to aid an employee and their family, thus the designation of employee benefits as marital assets. 

How is art valued in a divorce?

If you are an artist or a collector of art in Ohio and going through a divorce, you will soon discover the challenges that come with dividing martial property. You will have the chance to try to come to an agreement about the division of property before the court steps in. In any case, you have to get your property valued before division to ensure and equal and fair process. This is where it may get tricky with art pieces, especially if you are the creator.

Who gets custody when the parents are unmarried?

If you have a baby in Ohio and you are not married, you may wonder what happens with custody. Knowing who has legal custody and rights to the baby is essential, especially if you are the father. Under the Ohio Revised Code, an unmarried mother automatically retains full and sole custody of a child. This could mean issues for you if you are the father.

What do I need to know about inherited IRA division?

Divorce agreements in Ohio have been known to split IRAs between spouses that are calling it quits. However, some may assume that inherited IRAs are spared division because, like any separate asset, a single spouse is the recipient. However, that may not be enough to stop some judges from splitting an inherited IRA.

Schedule A Free Consultation With Attorney Gregg R. Lewis

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Get my free consultation

When You Need Guidance For Life's Most Critical Problems, Trust A Longtime Law Firm In Columbus.

Gregg R. Lewis, Esq. - Harry Lewis Co., LPA
625 City Park Avenue
Columbus, OH 43206

Phone: 614-221-3938
Fax: 614-221-3713
Columbus Law Office Map