When a couple makes the decision to pursue a divorce or dissolution of marriage, they may need to address how to divide shared property or a shared business equitably. A crucial part of arriving at this fair division is to assess appropriate valuations of all assets involved. However, the logistical challenges and economic instability caused by the pandemic made the valuation and appraisal process much more difficult to navigate. It’s worth exploring the various effects that the pandemic is having on the valuation process to better understand your options and adjust your expectations accordingly.
Ohio Real Estate Valuation Difficulties
Under normal circumstances, the divorcing couple would decide how to equitably divide their shared real estate property, including the family home and any vacation properties. In many cases, one spouse would buy out the other, with either a one-time financial transaction or over the course of several years. (An appraiser or local analyst determines the price of the home.) However, as the national real estate market continues to be red-hot, higher valuations are pushing more couples to want as much of that equity as possible. This often leads to more contention throughout the negotiations. A fast sale may force a spouse to move quicker on other assets or change his or her plans altogether to support the higher sale amount.
Dividing the Family Business During an Ohio Divorce
Dividing a shared business can also be a huge challenge. The “K” curve of the economic recovery means while many businesses have shuttered, others have prospered. Separating couples worry that the pricing will not be fair if one person tries to buy out the other. Although rare, some spouses determine it’s in everyone’s best interest to continue operating viable businesses with some sort of income-sharing agreement after the divorce is finalized to assess future financial viability.
The Ohio divorce process can be challenging, even under the smoothest of circumstances. As things continue to be unpredictable, the dedicated family law attorneys at Garretson & Holcomb, LLC are here to answer your questions and help you achieve a fair and peaceful outcome. Call our West Chester office today at (513) 863-6600 to speak to a knowledgeable divorce and dissolution of marriage lawyer.