WHAT DIVORCING BUSINESS OWNERS SHOULD KNOW
If you own a business, you likely realize that your personal life intertwines with your work life. This can be problematic when going through a life event as significant as divorce. While you need to prioritize your personal and financial needs, you also need to make informed decisions to protect your company.
You may have invested thousands of dollars and spent years building your business in Southern California. As one of the most important assets you have, your company may be a central concern in your divorce. The Law Office of Steven M. Bishop, CFLS, is ready to work directly with you to safeguard its success throughout your divorce. Our board-certified family law attorney knows how to approach these complex assets and situations.
Can A Spouse Claim The Business For Themselves?
Depending on the situation, your spouse may or may not have a claim to its value. A spouse’s business ownership through marriage is reliant on various factors, including:
- When the business was acquired or started
- Whether the business was inherited
- The value of the business at the start of your marriage
- The use of marital funds for business purposes
- The existence of a prenuptial or postnuptial agreement that concerns the company
At your consultation, we can help you assess whether your spouse is entitled to a portion of your business. Then, our skilled lawyer can help you determine strategies to preserve the company and pursue your interests.
How Do Divorcing Couples Split A Business?
The first step is to obtain a fair business valuation from a third party. Knowing the value of each marital asset — as well as the legal and financial implications of company ownership — can allow the property division process to stay fair.
Spouses then have a few options, such as selling the business to liquidate and divide its equity, or balancing a spouse’s entitlement by exchanging it for other marital assets. In any case, it is crucial to find representation with a lawyer who will assert your interests in negotiations or in divorce court. We can advise you regarding your ideal long-term outcomes.
Ask Us For More Information
Your divorce may become a challenge for your business, and your business may create challenges in your divorce. Speak to a dedicated attorney at 619-535-0678. You may also send our San Diego office an online message to schedule your free phone consultation.