How Will Your Divorce Affect Your Business?
Your business is your livelihood. You put your time, effort and energy in it. You spend money to start, maintain and grow your business. The thought of losing it or splitting it to pieces is stressful and painful. A divorce can mean a lot of changes for your business. An experienced attorney may mean that your business comes out of this change still viable.
When it comes to divorce, there is no such thing as “one size fits all.” Since 2004, Manhattan Beach and Southern California residents come to us with their divorce and business division questions. We can provide you with personalized care. Call us today to set up an evaluation at 310-297-9090.
When Is A Business Subject To Division?
Because every business has a different story, you will need a lawyer with experience in business valuation to look at your business as a complete picture. Our team at The Law Offices of Keith F. Simpson has represented many clients who are business owners during their divorce.
We’ve highlighted a few areas you may need to consider:
- Your business’s legal status: Is your spouse a full partner in the business? Are there shareholders in your business? Was your business passed down to you through your family?
- Your business’s age: Was your business started before your marriage or after? If before, how long had it been established?
- Use of marital funds: Did you take out a loan with your spouse to support the business or use mortgage equity? Was the business your family’s sole source of income?
These factors and more will affect how the court views your business during divorce especially because you may be faced with dividing a business during asset valuation and negotiations. Speak with our attorneys today to find out more.