Will I Lose My Business in Divorce Court?

Explore:  Divorce Marital Assets

Business owners face an additional hurdle during divorce proceedings. It is clear that marital property includes the condo, the vacation home, the family cars, and the sailboat, and that assets include checking and saving accounts, retirement funds, and investments. But what about your business?

If your ex- is not a business partner, the court will most likely rule that it is in the best financial interest of both parties that you continue as the proprietor. However, your business may be classified as marital property and its worth may be factored into the division of assets. You will need to get a professional business appraisal. Your ex-spouse may hire someone to appraise your business, as well, and if the valuations are different, you may be in for a much longer, more expensive court case.

Business owners facing a divorce should get the counsel of a knowledgeable divorce attorney who can guide them through each step of the process. You will need to find the right appraiser for your type of business so that you can present a convincing, realistic picture of your short- and long-term financial prospects. The court will also want to know what contributions each spouse made toward the success of the enterprise.

The Byrd Law Firm takes great pride in the success of our business, so we understand how important your business is to you. Our competent divorce attorneys will make sure you get a fair deal by using smart negotiating strategies, including mediation.

Posted in Divorce

Tagged , ,

Topics:  Divorce, Marital Assets

Published In: Family Law Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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