What Divorcing Couples Need to Know About Joint-Owned Businesses
Most couples have complex and intertwined assets that can be difficult to separate in divorce, but those who co-own a business have an especially trying process ahead. If either or both parties also wish to protect the business and keep it running, there is yet another layer of complexity added to this issue. If you are filing for divorce, have a joint business, and wish to protect it in divorce, the following information can help.
Separating and Saving a Joint Business is Complex but Not Impossible
Starting and running a business has always required an investment, but today's business market has made things even more time and resource intensive. This is why so many newer companies are jointly owned – or have investing partners. Sometimes, these joint owners or partners also happen to be married. This can be a positive thing for couples who enjoy spending time together, but if the marriage eventually ends, the stress and worry over the company and its future can create a great deal of conflict during the divorce process.
Rest assured: though dividing business assets in a divorce is a complex and potentially emotional process, it can be done. In fact, as long as you choose an attorney that has experience in handling business division in divorce, the process can be completed with a fair amount of compromise. Depending on the circumstances, the business should be able to survive the divorce and continue to operate with limited impact.
Of course, there are also situations in which the business must be sold to satisfy both parties. The end result typically depends on each party's willingness to compromise, the value of the business, and the value of any other assets that are not directly associated with the business. Only an experienced attorney, you, and your spouse can really decide the outcome, but there is no reason to abandon hope - at least not yet.
Proper Valuation of Business and Assets Critical
Of all the decisions you make during your divorce, the process through which you have your business and other assets appraised and valued is one of the most critical. In fact, the division of property, and the future of your business, will depend greatly upon accuracy. Haphazard records, incomplete information, or even poorly researched values all put you and your business at risk. If you have questions about business and asset valuation in your divorce, contact our experienced divorce attorneys today.
Backed by more than 40 years of experience, MKFM Law offers skilled and comprehensive divorce services to couples. Respected by our peers and dedicated to protecting your interests in divorce, we will aggressively pursue the most favorable outcome possible. Learn more about our services, and how we can assist with your divorce, by scheduling a free consultation with our Wheaton, IL divorce attorneys. Call 630-665-7300 today.