Many business owners are justifiably concerned about what will happen to their business in the event of their divorce. You have poured your heart, money, resources and time into your business and you may be concerned in the event of a divorce you will automatically lose half of everything you have worked so hard to build. For almost four decades, the Law Office of Steven M. Bishop has been assisting business owners through divorce and other family law matters and ensuring all assets of the parties are divided in a fair and equitable manner.
Your business is an asset which may need to be valued during a divorce. Your business may be community property, personal or individually owned property or a combination. If your business predates the marriage, it is very likely at least a portion will be characterized by the court as separate property and not subject to community property division rules. Some of the factors a court will look at in determining how much of the total value of a business is separately owned property include: How long before your marriage did you form, open or start your business? Is your business more, less or equally profitable now as it was when you got married? How much of the change in the financial condition of your business was due to efforts of your partner during the course of your marriage?
Divorce when you own a business is a very complex matter, which is why it is essential to hire an experienced family law attorney who has the knowledge and resources available to assist you in keeping as much of your business as you are legally entitled to. Some people assume they will have to divide everything including their business 50/50 in a divorce - that is simply not the case. Divorce is not so black and white and the proper division of a business depends on a myriad of unique factors.
Whether you started a business before you were married, by yourself after you were married, or own a business that has been passed through your family for several generations; the Law Office of Steven M. Bishop,CFLS is here to assist you and to fight aggressively on your behalf. In the event you face divorce, let us help you retain ownership ofyour business. Call us, visit us online or stop by our offices today to speak to one of our legal professionals.