Divorcing when you own a business together can be tough, indeed. There are more legalities involved, so it’s important you have a top-rated divorce attorney who has experience in such matters. Below, we’ll offer up divorce tips if you own a business together. Contact Sarnacki Law Firm in Grand Rapids today.
Understand the Value of Your Business
Before determining a fair division of property, you’ll need to know how much your business is worth. Since your business will be considered an asset, it will fall under the property distribution portion of the divorce.
Decide if One Spouse Will Be Keeping the Business
If one spouse wants to keep the business, oftentimes, a buy-out is the easiest way to divide up the business after the divorce. The spouse who will be keeping the business will buy the other spouse out by paying the other spouse half the value.
Sell the Business & Split the Profits
If neither spouse wants to keep running the business, or if the business is one that cannot survive on its own without the other one involved, then another option may be to sell the business. This is a cut-and-dry way to distribute the asset fairly.
Court Intervention and Mediation
If the spouses cannot agree to how the business should be divided, court intervention and/or mediation may have to take place. This involves either a third-party or a judge helping to divide up the business value.
PARTNER WITH THE SARNACKI LAW FIRM IN GRAND RAPIDS TODAY
By partnering with The Sarnacki Law Firm in Grand Rapids, we can help you and your spouse with your divorce and family law case, including help with your business division. With decades of experience, our divorce team offers compassionate and understanding representation. Get in touch today!