Columbus-Area Divorce Attorney Helping Clients Reach Property Division Agreements in Divorce
Property division can be highly emotional in divorce. People are understandably worried about losing important possessions or the standard of living they attained during the years of their marriage.
While many couples have the best of intentions and try to work together amicably in their divorces, most do not understand the property division requirements of Ohio family law. They may fail to consider all of their marital assets and debts. They may not understand the legal challenges of dividing critical assets such as family businesses or a pensions.
An experienced attorney can help you negotiate a property settlement agreement that takes into account your goals in divorce, that protects your interests, and that considers your current and future financial needs.
At the law office of Richard L. Morris Co. L.P.A., you will receive sound legal advice, skillful assistance in negotiation, and the peace of mind that comes from knowing every detail has been considered. Attorney Morris always works to protect your interests and those of your children.
Contact our Gahanna, Ohio law office to schedule a free initial phone consultation to learn more about the division of marital assets in contested or uncontested divorces.
Understanding Your Marital Assets and Debts
The first step in the division of marital assets (referred to in some other states as "community property") is to take an inventory of all assets and debts belonging to you as a couple or as individuals. This includes bank accounts, investments, stocks and bonds, retirement and pension accounts, credit card debts, and mortgages. It also includes physical property — personal possessions, the marital home, other homes and properties, art, antiques, and other valuables.
Valuing a Business
If one or both members of the couple own a business, the business itself may be marital property. Your divorce attorney will need to review the details of your specific situation, including the organizational documents of the business and any pre- or post-marital agreements. Once he has reviewed those details he can help you understand whether and how your divorce may affect the business.
In order to properly divide the value of the business and to assess any income stream, a proper business valuation will need to be secured. In addition to its impact on asset division, the valuation can affect any spousal support or child support orders.
When necessary, our firm engages the services of a forensic accountant to value the business asset and its income potential. Mr. Morris works with clients to minimize any negative effect a divorce may have on the profitability of a business.
Contact Us
To schedule a free telephone consultation with an experienced Ohio divorce lawyer, call the Gahanna, Ohio law office of Richard L. Morris Co. L.P.A. at 614-428-0052 or contact us by e-mail.
