Family Business Protection
At Mowery Youell & Galeano, Ltd., our family law and business law attorneys can help clients take proactive steps to protect a family business. These steps can be taken well before the threat of divorce arises, or even before a marriage takes place.
This is a unique service, the goal of which is to ensure that, in the event of a divorce, the business is still able to operate and ultimately remains in the intended hands. With more than 30 years of experience, we know how to prevent businesses from falling into the hands of an ex with no personal connection to the business, an ex who would likely break up the business and jeopardize its chances of continuing success.
What Happens To A Small Business During A Divorce?
In order to preserve a small business in the event of a divorce, it is necessary to understand the threats that divorce presents. Our Dublin, Ohio, family business protection lawyers know that, first and foremost, there is the threat of the ex walking away with all or part of the business. By understanding how businesses are held and considering that in tandem with the concept of separate property, we will design a business preservation strategy.
Part of that strategy involves making certain that the business still operates in the event of a divorce. During a divorce, assets may be frozen and the movement of money may be restricted. If the proper protections are not in place, this can paralyze a business. We want the business to continue to operate and generate income for the owner during a divorce.