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If your spouse is a business owner and you consider ending your marital relationship, the next step is to request a skilled divorce attorney for help. Your case involves too many complexities to handle without knowledge and experience in the field of divorce law. A lawyer’s intervention will ensure proper appraisal of business. With a lawyer by your side, you will feel confident that everything will go fine and the business-related matters will be skilfully handled.
Not all divorce attorneys own skill, knowledge and experience to deal with the complexities inherent in such cases. You should hire someone who has wealth of experience in handling the complicated aspects of business divorce, including valuation of business assets and dividing the same. Contact an eminent and experienced business owner divorce attorney for proper guide throughout the process of divorce, business asset valuation and division. Let us now take a quick look at some pertinent issues related to such cases.
Is It An Individual Business Or Marital Property?
If a divorce involves a business property, it constitutes several layers of complications and challenges. One of the primary concerns is if the business is an individual or martial property.
When Is A Business Considered ‘Marital Property’?
The property and assets acquired after the marriage are considered marital property. Such type of property often covers your home, vehicle, savings in account and even businesses. These properties will be distributed between the spouses after a divorce. Equitable distribution follows correct appraisal of the marital properties.
When Is A Business Called ‘Individual Property’?
Separate or individual property usually includes the assets and properties acquired before marriage. Certain properties despite being acquired after marriage – for example, inheritance – are not considered marital property. If your spouse owned the property before your marriage, it is a separate property in the eyes of law. However, you may have equitable right in your spouse’s previously owned business, depending on the situations.
Why to Involve a Lawyer?
Divorce laws involving business property assessment and distribution are very complex. It is less likely that you can resolve the legal issues without help of an experienced lawyer. A lawyer with his valuable experience will be able to ensure correct valuation and equitable distribution of marital property.
Even if a spouse is entitled to alimony, it is must to appraise the property accurately to calculate your share. Business valuation may also have serious effects on the amount of child support you will receive from your spouse following a divorce.
Another important point to be noted in this context is even if the company was established before your marriage or acquired through an inheritance after the marriage, it will be considered a marital property and equitably distributed. It clearly implies that you will be entitled to receive a share in the business’ increased valuation since you got married.
A lawyer understands that even if you did not start the company or was not a part of its workforce, you played a responsible role in taking care of the family and that helped your spouse grow the business. That is why, you are entitled to an equitable distribution of the business. The lawyer will fight for your financial wellbeing and legal rights.