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Who gets an LLC in a divorce?

In Ohio divorces, courts divide shared assets equally between the two former spouses. This means that nearly anything, from your bank accounts to your home, might be subject to division. While this process might be relatively straightforward when it comes to a simple asset, such as a joint savings account you and your spouse might hold, it tends to become complicated very quickly with mixed assets, business holdings or high-asset situations. 

The first issue complicating business divisions during divorces is that, while sole proprietorships and limited liability corporations often have value, the exact worth of yours might be difficult to pinpoint. To that end, you might have to hire accounting professionals with legal experience to review your books. Depending on the state of your files, this could prove to be a straightforward task or a major investigative undertaking. 

After you determine the worth of your LLC, you would then determine how to share that wealth. The simplest business division would likely involve either you or your spouse— whomever retains ownership of the business after the divorce is finalized— paying a distributive award equal to half of the shared value of the business. According to the Ohio Revised Code, either you or your spouse would pay this to the other from your non-divisible assets. You might organize it as a lump sum or as installment payments over a predetermined period of time.  

The Revised Code also makes the distinction between these distributive awards and any spousal support the court might assign to you or your spouse. This article is intended to educate you: Please do not approach it as legal advice. 

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