Protecting Your Hard-Earned Business Assets In Divorce
Divorce can be a major financial hit to the business assets you worked so hard to build. As a business owner, there are steps you can take to protect your business interests and assets during the divorce process. The first step is working with a lawyer who understands high-asset divorce.
Our lawyers at Bowen Ten Long & Bal, PC, will work hard to ensure that you don’t end up forfeiting more than necessary during the split. We excel at handling high-stakes, high-asset divorce cases.
Considerations For Business Owners Who Are Contemplating Divorce
If you’re considering divorce, it’s important to plan ahead and understand what to expect with regard to your business assets. You should take into account:
- What the tax implications might be of a divorce
- Whether there is a prenuptial agreement in place, and if not, whether you can pursue a postnuptial agreement to protect your business assets
- What approach would best align with your objectives and minimize any unnecessary expenses, whether a settlement, mediation or litigation
Our lawyers can assist you with these and other considerations.
Do You Have To Split Your Business Assets In Divorce?
It depends on a lot of factors, including:
- Whether you owned the business or business interest prior to the marriage
- Whether you kept the business assets separate from the marriage
- Whether your spouse contributed to any increase in the value of the business assets
- Whether you have a prenuptial or postnuptial agreement in place addressing the business assets
- Whether there are any case-specific factors that will impact the business assets
Our attorneys can conduct a detailed review of your situation and advise you on whether your business assets are subject to division in your case.
Valuing Professional Practices And Businesses
Business valuation is a critical part of property division in cases involving business assets. The valuation will directly impact how much your spouse may walk away with.
It’s crucial to involve the right experts to ensure that you don’t get stuck with inflated business values that will jeopardize your interests. We work with trusted business valuation experts, forensic accountants and other professionals to address high-value financial assets such as business interests.