The legal team at Butler, Giraudo & Meister, P.C. has helped countless business owners and spouses of business owners through the divorce process, and we are prepared to do the same for you. Contact a knowledgeable Tazewell County divorce with a business lawyer here at our firm to learn more about how we can help you.
Tazewell County Divorce With a Business Lawyer | Protecting Your Business
There are few things more important to a business owner than his or her business. Similarly, spouses of business owners also have a lot at stake when
it comes to a divorce. This is why it is best to speak with an experienced Tazewell County divorce with a business lawyer before proceeding to ensure your rights are protected.
Establishing Ownership of the Business
Often, when one spouse operates a business and the other spouse is not involved with the business, the business owner spouse will assume that he or she has full rights to the business in a divorce without compensating the other spouse. If the business is marital property, and therefore subject to equitable distribution, it must be valued as any other marital asset and distributed along with all the other marital assets. Thus, even though the business would likely be allocated to the spouse who operates the business, the other spouse will be entitled to offset assets even if that spouse had nothing to do with the operation of the business. Any business which is a marital asset must be properly valued as part of the equitable distribution process. Valuing a business involves various outside experts, such as forensic accountants. Our firm regularly works with such experts and can help ensure that the business in question is properly valued.
Business Valuation
Since businesses are frequently considered marital property, a business will have to be properly valued before entering the equitable distribution process. Oftentimes, valuing a business involves various outside parties, such as forensic accountants. Our firm regularly communicates with such parties and can help ensure that the business in question is properly valued.
When assets aren’t reported or a business is improperly valued, it will result in improper distribution of the business, and in many cases, will prompt the involvement of the IRS. It is always recommended that an experienced Morton divorce lawyer be hired to represent you, thus ensuring that all information pertaining to a business is disclosed fully and valued accurately.
Protecting a Business From a Divorce
As a business owner, you most likely wish to protect your business from marital property division. Fortunately, you can. If you are not yet married, you may wish to enter into a Premarital Agreement with your future spouse to determine what will happen with your business in the event of a future divorce. If you are already married, you may want to explore the possibility of executing a Postmarital Agreement with your spouse to similarly protect your business. Additionally, if you and your spouse co-own a business, you may want to define in advance what will happen to your business in the event of a divorce in what is known as a Shareholder Agreement. If you have any additional questions, please do not hesitate to speak with an experienced Tazewell County divorce with a business lawyer at Butler, Giraudo & Meister, P.C.
Contact a Tazewell County Divorce With a Business Lawyer
Whether you are a business owner or the spouse of one and you are getting divorced, you should strongly consider speaking with a seasoned attorney today. Contact Butler, Giraudo & Meister, P.C. to schedule your initial consultation with our knowledgeable legal team. We are here to help.
