ASSISTING FAMILIES THROUGH DIFFICULT TRANSITIONS
Division Of Businesses
Until recently, the value of a business could be counted twice against an owner of a closely held business in divorce proceedings: once, during the division of marital assets and again when using income to determine spousal support. Recently, in Heller v. Heller, our law firm successfully challenged this practice. While the court found that “double dipping” in Heller v. Heller was not equitable or fair to the business owner, not all judges are aware of the problem. At Mowery Youell & Galeano, our attorneys are at the forefront in this area of law, fighting for the rights and interests of business owners in divorce cases.
If you own a business and are facing divorce, contact Mowery Youell & Galeano today to schedule an appointment and learn how we can help you. We understand the issues and pertinent case law involved and are prepared to protect your interests.
Business Valuations, Property Settlement, And Spousal Support
Determining the value of a business can be complicated by several factors: bumps or lulls in the economy, changes in inventory, real estate value, personnel costs, etc. In order to accurately determine the worth of a business, our attorneys work closely with business valuators and CPAs who carefully review a company’s assets and debts. After an accurate valuation has been determined, the court will then apportion its assets between the parties to a divorce.
Dublin, Ohio, Property Division Divorce Attorneys
Typically, the court will award each spouse what it believes is an equitable, fair amount given the lifestyle both are used to, the length of a marriage, the work and education history of both, and other pertinent factors. Here, the determination is based on what the court believes is an equitable division given the specifics of the couple involved.
Next, when alimony is awarded, the court will consider income from a closely held business when making its determination. However, since the value of a business has already been taken into account for the purposes of the division of marital property, counting business income again essentially counts as double-dipping against the business owner’s income.
Contact Property Settlement Attorneys At Mowery Youell & Galeano
If you own a business and are facing divorce, contact Mowery Youell & Galeano today to schedule an appointment and discuss your case. We can review your situation and explain how we can help you avoid a divorce settlement that is not in yours or your company’s best interest.