Divorce and Your Small Business in Yuma, Arizona
Your business is likely one
of your most valuable assets. If you are getting divorced, dividing assets can
be one of the most contentious aspects of any divorce. Dividing a small
business can be especially challenging. It can be difficult to place a monetary
value on your business, especially if you started it yourself and are
emotionally invested. Furthermore, the value of your business may be so much
more than the money you make from it. You may have put months or years of hard
work into building your company and you may be personally invested in what
happens next. Many small business owners are not only financially invested in
their business, they are also emotionally invested in it. If you are getting
divorced, one of the first questions your divorce lawyer will need to answer is
this:
Is your
business marital property or separate property?
If you started your business
before you got married, you might think that your business is separate
property, but this may not always be the case. If you didn’t sign a prenuptial
agreement before getting married or failed to organize your business corporate
structure to afford your business certain protections, the courts may find that
your partner may have a share in your business, especially if marital assets
were used to grow the business or if your partner helped you with the business
in any way. If you and your partner started a business together after you were
married, then your business may most likely be considered marital property and
subject to division during your divorce.
If you have a prenuptial
agreement or took steps to protect your business and keep it separate from your
marital assets, then you may still want to hire a divorce lawyer who can help
you navigate the divorce process in Yuma, Arizona and assist you with
interpreting the language of the prenuptial agreement. Schneider & Onofry,
P.C. can look at your prenuptial agreement and help you take the next steps
required to protect your business. If you are getting married and own a
business, Schneider & Onofry, P.C. are attorneys who may be able to assist
you with drafting a prenuptial agreement that can protect your rights and
business.
If your business must be
divided during divorce, you may need the assistance of a divorce attorney as
well as a business lawyer. Schneider & Onofry, P.C. are divorce lawyers in
Yuma, Arizona who can help you understand what business assets may be considered
shared property and what assets may be considered separate property. Our firm
can also help you navigate the road map forward as you get divorced.
Business and Marital Divorce
in Yuma, Arizona
If you own a business with
your partner or if your partner has a stake in your business due to
contributions made during the marriage, many important questions must be asked
as you get divorced. Having a divorce lawyer, like Schneider & Onofry, P.C.
in Yuma, Arizona by your side can make an immense difference as you ask these
tough questions and make choices about how to get divorced and how to split
your business. What are some of your options if you and your partner share an
interest in your business? First, some important questions must be answered:
- What
share, if any, does either party have in the business. While a business started
by both partners during the marriage may be subject to a 50-50 split, a
business owned and started by one partner before the marriage may not be
subject to such an equal division. - What is
the value of the business? Placing a value on a business can be a difficult
task and may require expert opinion. - What
does the couple want to do with the business? If you want to both continue to
run the business together, you may need to establish corporate structures to
protect both your interests. However, many couples don’t want to continue to
work together after divorce. If this is the case, you may need to get a
valuation of the business. Couples can either sell the business, divide the
business (if this is possible without damaging the brand or company), or one
party can buy the other party out using other assets. Every couple’s situation
will be unique. Sometimes one partner will pay the other partner for his or her
share over many years, or one partner will pay the other partner for his or her
share in the business in real estate, money, investments, or other assets.
These are some of the options
that may be available if you and your partner share a business. Dividing a
business during divorce can be stressful, but you don’t have to do it alone.
Schneider & Onofry are divorce lawyers in Yuma, Arizona who may be able to
help you. We can assist you with taking the steps you need to protect your
interests and rights.
Protecting Your Business
During Divorce
The best time to protect your
business is before you get married through a prenuptial agreement and through
establishing proper corporate structures. A prenuptial agreement can make it
clear that the business is not marital property. Schneider & Onofry, P.C.
are divorce lawyers who can assist you with a prenuptial agreement to protect
your business if you plan to get married. Contact us today to learn more.
However, if you share a
business with a partner or if your partner contributed to your business during
your marriage, you may need to take other steps to protect your business and
rights, which may include buying your partner’s share in the business. The next
steps should be to protect your interests and your business as you navigate
this process, including understanding which aspects of the business are shared
property and which are separate. This can get complicated. Contact Schneider &
Onofry, P.C., divorce lawyers in Yuma, Arizona
today to learn more
about steps you can take to protect your business interests.
