Many couples are afraid of losing some marital assets during a divorce. It is particularly difficult for business owners who often think they might lose half of their business. If you are a business owner worried about how your business can survive a divorce, you should retain a Thousand Oaks business valuation attorney who deals with such important matters. It is tempting doing some foolish things in order to keep your business, which may only complicate things further. Remember your business is one of your most valuable assets so you need to ask an attorney before making these difficult decisions.
Other aspects, besides your marriage, are used to determine the value of your business. First, you need to find out what type of business you have. Is it a community property or a separate property? You need to know what the business is worth, whether the community, separate or both. Your attorney can help you determine what you are entitled to receive through the characterization and evaluation process.
There is no simple answer to this question but some factors that might be considered include:
If you have a family-owned business you will have to prove it was given to you. This means a business passed down from family. Is the whole business yours or are other family members maintain ownership? Your Thousand Oaks business valuation attorney will take a look at how much time and money you invested and at other factors such as forensic accounts.
It doesn’t matter when you started the business or how you got it. Your case can become more complicated when you have a business partner. Your co-owner may also be involved in the divorce process as sometimes his/her interest can impact characterization or valuation. You shouldn’t worry if you have a good attorney by your side. The process should not be complex, except the co-owner has a genuine interest in all the details. But even in such cases, the interests can be calculated separately.
A business that started during the marriage is not necessarily community property. Some factors could make the business separate property. The money invested when the business started is a big factor. How much money the community invested on it and how it will impact the value of your business? Are you paying child support? Do these funds come from your business? These are questions your attorney can answer after taking a look at your circumstances.
Learn more about the facts of your case by calling us today. For your convenience, the first consultation is free of charge.