| ||
|
|
||
|
Ohio Law - What is the 'Marital Portion' of a Business? If the business was started during the marriage, the full value of the business is marital property, regardless of which spouse actually worked in the business. If the business was started before marriage, it is partly separate property and partly marital property. The court must then decide how much of the appreciation was due to the efforts of the spouse who joined the business at the marriage. Cases: Simoni (1995) 657 N.E.2d 800 (Wife of 29 years worked in husband's separate property corporation, "American Commodore Tuxedo." The company had grown from 5 to 20 stores during the marriage. The couple's interest in the company was worth $1.6 million. The court said that the marital part of the company was the appreciation during the marriage due to the efforts of husband and wife, which would be less than the entire value.)
Disclaimer: We are not giving legal advice. No warranties. We disclaim all legal liability. More... | |||||||||||||||||||||||||
______________________________________________________________________________________________________
|