Many high net worth divorce proceedings involve serious disputes regarding the division of marital property. Often, those disputes concern the future of a business that the spouses own together or individually. Unless there was a prenuptial or postnuptial agreement to the contrary, each spouse likely has a claim to some share of the business in the event of a divorce.
Determining what portion of the business is subject to division and what that portion of the business is worth can be an extremely complex process. At Contreras Law Firm in San Diego, our San Diego division of business divorce attorneys have extensive experience representing clients in all aspects of high net worth divorce and complex property division for California business owners.
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Understand Your Rights Regarding The Division Of A Business In Divorce
There is a great deal of confusion surrounding privately held businesses and how they are treated in a divorce. An experienced team of San Diego divorce lawyers can help you minimize the impact that the divorce will have upon your business’s future. Our attorneys can assist with any issues connected to business ownership in a divorce, including:
- Assessing the full value of the business as well as the portion considered to be marital property
- Developing strategies concerning the post-divorce future of the business, including ownership and continued operation
- Helping with the dissolution of the business because of the divorce
- Working with other partners to buy or sell business interests
Whether you are a sole business owner, a co-owner or a non-owner spouse, you can rely on us to seek a solution that provides you with the most benefit over the short and long term. Our substantial background in business law puts us in a strong position to provide you with the reliable representation you need during this critical time.
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Frequently Asked Questions
Valuation and division of businesses in divorce can be complex and raise many questions. Below, we’ve addressed some of the most common concerns.
What happens if I want to continue to run my business after divorce?
If you wish to continue running your business post-divorce, you have some options to consider. Depending on your relationship, you could continue to operate the business with your ex. Another option is to “buy out” your spouse.
In either case, business ownership will be a key part of the property division discussions. Mediation can allow you to avoid court, but sometimes litigation is unavoidable when it comes to complex assets. Disputes may arise over the current value of the business, each party’s contributions and future business goals. Our San Diego family law attorneys can help you make informed decisions about your business.
Will we need to sell the business as part of the divorce?
Selling the business might be necessary, depending on your situation. If neither party can afford a buyout, if you cannot agree on a valuation, or if you and your ex cannot cooperate, selling the business can be the best course of action. However, each divorce has its own factors that need careful examination to decide the best course of action. Talking to one of our San Diego division of business divorce attorneys before making any decisions can be essential.
What if we want to continue to operate the business while the divorce is ongoing?
If you choose to continue operating your business during divorce proceedings, be sure that both parties are protected. This includes safeguarding against the possibility of one spouse hiding, concealing or misusing assets. Discuss any concerns with your attorney early in the process so that you can take appropriate steps to prevent potential problems. A San Diego division of business divorce lawyer at our firm can implement strategies to maintain transparency and protect your interests while the business continues to operate during this transitional period.
What about partners in the business who are not part of the divorce?
Your divorce will primarily affect your and your spouse’s share of the business, but it may also impact other partners. This situation could influence decision-making, profitability and business operations. Co-owners might be asked to consider buying out the divorcing parties, though this usually arises later in the process. It’s essential to keep partners informed so appropriate measures can be established to protect the business during the divorce.
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Schedule Your Free Consultation With a San Diego Division of Business Divorce Lawyer
We understand what is at stake for parties on both sides of these matters, and we are diligent in our pursuit of a result that serves our clients’ best interests. To meet with one of our experienced San Diego division of business divorce lawyers to discuss your case, call our office at (619) 238-0616 or send us an email.