Getting divorced can be difficult enough without having to address complicated issues. Property division must be resolved in every divorce case, and it can become challenging if you have complex property that is hard to divide. Owning a business is one factor that can result in a more complicated divorce case.
The Broadway Law Firm provides representation for business owners who are going through divorce in Los Angeles. If you or your spouse own a business, and you are thinking about ending your marriage, do not delay in contacting our office or call (213) 344-0545 for representation and guidance today.
Dividing a Business
If you own a business, it will be considered for property division purposes in a divorce. California requires that all community property be divided as evenly as possible before a divorce can be finalized. Even if you started your business before you got married, the growth and increased value of the company during the marriage would still be considered to be community property that needs to be divided.
There are different options for divorcing business owners, including:
- Sell the business and divide the proceeds between the spouses
- Have one spouse buy out the other’s business interests
- Give one spouse more property (such as a house) while the other spouse retains the business ownership
- Continue running the business together and sharing ownership of the company
What works best will vary from case to case. If you own a business with other owners, there might be contracts, such as a buy-sell agreement, to consider, as well.
Learn How The Broadway Law Firm Can Help
The The Broadway Law Firm provides legal representation in divorces that Los Angeles business owners can trust. We help find the right solutions in every individual case, so please consult with an experienced divorce attorney today.