Search Site
Menu
Considering Divorce? What Happens to the Business?

There comes a time when divorce becomes more common to your thinking than staying together. For additional thoughts on how to know if divorce is the right option for you, read my blog on the Five Signs That it’s Time to Contact a Divorce Attorney. If you’ve come to terms with the fact that divorce is the right option, there are certain divorce issues unique to personal situations that you may need to consider. Being a business owner is one of these instances.

In determining communal assets, it is important to explore the following questions about the business in order to place an accurate value on the business:

  • Was the business established before or after the date of marriage?
  • Was the business established before marriage but continued through marriage?
  • Was the business improved because of a spouse’s contributions?
  • Was the business a gift or inheritance?
  • Is the business a sole proprietorship or professional practice?

It is important to have a good lawyer who understands the full process of both divorce and business valuation.  Divorce can be hurtful and it might be tempting to cause inconvenience and annoyance to the other party throughout the process. This can be an expensive game to play. Having a strong lawyer who is looking out for your best interest will keep these proceedings to a minimum.

Both parties may want to consider hiring a business valuation firm. It’s beneficial to both parties to consider hiring a neutral third party firm instead of both parties incurring the expense of business valuation and then having lawyers negotiate an agreement.

If no prenuptial agreement is in place that addresses the fate of a business, it is important to understand the full implications a divorce will have on a business. In addition to the distraction that business owners will face. A significant amount of money will be drawn from the business for valuation, legal and settlement fees. If a divorce is contentious, and both parties decide to remain involved in the business, the environment could become stressful also affecting the business’ future.

For more information on how divorce could impact your business, contact your lawyer to discuss your personal situation.

Leave a Reply

Your email address will not be published. Required fields are marked *

Meet Our Team
Awards
Watch our video
Testimonials
  • "Thank you! Thank you! Thank you for being the BEST lawyer I have had for EIGHTEEN years! Thank you for listening and following through. You are awesome! This is wonderful! I can’t wait for next week.Thank you for correcting the order to how the judge stated it. Thank you, again, for everything! Also thank your office staff for all their hard work! Hugs to you all!"

  • "Thank you again for your gracious consultation last week. It certainly makes me feel better knowing that you would be guiding me through the process."

  • "Thank you from my heart. You went all out and the results were outstanding. You were diligent, professional, and supportive through a very difficult and ugly divorce. You strategized perfectly and I am so very appreciative."

  • "You are the only lawyers I feel confident working with. Your confidence gave me reassurance as well. I would never hesitate to recommend you to anyone. I believe you are smart, sincere and very capable and I knew that you would do a great job for me. Thank you for protecting my interests and the interests of my children. Being awarded full custody has been a blessing."

  • "Thank you for all of your help in getting me such a great settlement. It is much appreciated! Your combination of skill in and out of the courtroom and knowledge of the law combines with the wonderful ability to listen to your client."

Verdicts & Settlements
  • "Using a nationally recognized valuation expert, we were able to establish the value of a sole medical practitioner’s office that resulted in a verdict giving our client an overwhelming alimony award." - Divorce, alimony and business valuation

Contact us

Quick Contact Form