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Considerations when you have a business and are divorcing

On Behalf of | Dec 1, 2015 | Property Division

In a divorce the division of assets is often one of the most complex matters that needs to be worked through. While every situation is different, the matter can be particularly complicated when one of the spouses is an entrepreneur and has his or her own business. Though in some situations a divorce could result in the loss of a business, this is not always the case. To try to prevent this there are steps the business owner can take.

The first is to think about the position your spouse is in. If he or she does not have a job, or makes significantly less, there is a chance that individual will make a financial claim against you. That claim could ultimately impact the business. Being aware of this in advance could make it easier to reach a settlement.

That said, your spouse will not automatically get half of the business if it is yours. In determining whether that will happen, a variety of factors are taken into consideration including how long you have been married, what, if any role your spouse played in the business, and how he or she contributed in other ways to the marriage.

When a business is subject to division in a divorce, how much it is worth is important. Accordingly, you should be well organized and have your paperwork in order. The financial information pulled together should include not only documents pertaining to your business but to your personal accounts as well.

In the course of a divorce it is often a good idea to take inventory of what you would like for yourself in the future. If you were thinking about getting out of the business anyway, this may be a good time to do that as well.

Undoubtedly, the best thing you can do if you are divorcing, and have a company, is to have the right people on your side helping you. While tax advisers and accountants play an important role, the lawyer you select does too.