Getting a divorce can be challenging for anyone, but business owners will face some unique concerns. In addition to considering their own financial needs, they may need to take steps to protect the future of their companies. Understanding how to safeguard a business during a divorce is crucial. An attorney who is experienced in both family law and business matters can provide essential guidance and support throughout the divorce process.
Understanding the Implications of Divorce on Your Business
As a business owner, your company is not just a source of income. When you have built a successful business, it can be a part of your identity, and it can serve as a testament to your hard work and dedication. However, during your divorce, your business will be viewed as one of the assets you and your spouse own, and ownership of your business may need to be addressed during the property division process.
Marital vs. Non-Marital Property
When addressing issues related to your business, you will first need to determine how it will be classified. It may be included in one of two categories:
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