Many factors can complicate the divorce process, including when one or both spouses are business owners. Ultimately, in this situation, the question will be who gets what and how do you equitably split the company’s value without killing it. The answer is often complex, and you want to ensure you receive all that you deserve in your divorce outcome.
If you are facing a divorce and one of you owns a business, reach out to the lawyers of Mims Ballew Hollingsworth. We handle divorce cases involving complex assets, and we are ready to help you.
Your divorce and division of assets only have to be as stressful as you each want them to be. If you can find a way to be amicable when addressing divorce issues, it’s entirely possible to do so without destroying your business.
Further, if you can agree on how to handle the business split, your business and its financial records won’t have to become part of the divorce court public records. If you exchange all the information you have about the company, or both of you already have it, and then decide, there’s no reason for those records to come into court. You just present the final agreed-upon split to the court.
An experienced divorce lawyer can help negotiate with your spouse’s attorney to reach a compromise out of court whenever possible.
Although some divorces may do well with the famous pit bull attorney seeking a courtroom battle, that isn’t usually the preferred technique when trying to keep your business alive through the divorce process. If one party decides to be overly aggressive, an aggressive response is virtually the only possible result. Rather than spend time and money trying to kill one another, it’s more valuable to use the resources of our skilled divorce attorneys‘ resources to negotiate the best settlement for both you and your business.
Instead of both sides spending a lot of money on experts looking at and reporting on the same business issues, consider filing a collaborative divorce. Your assets and other valuations will stay private and shared only between you. You spend less money, and you don’t waste time worrying about whose expert is correct. Let our divorce attorneys present these issues to you and allow you to decide how to handle your business in your divorce – and not the court.
Should the case require litigation regarding property division, the court’s instinct is often to award the business to the partner who ran it. But, if you both ran it, or who ran it isn’t clear, the court may want to award a share to each partner. However, that may not be the best idea if you both know you can no longer work together. In the end, the court will look at various factors when deciding how to handle your business as an asset for division:
Our divorce attorneys at Mims Ballew Hollingsworth can help you get through the process without experiencing financial devastation if you and your spouse are working on divorce with a business involved. Whether you’re collaborating to resolve your divorce or fighting for every square inch of the property, we can help you get an equitable result. Contact us online or call 817-900-8330 to begin discussing your business divorce today.