When a couple owns a business, there are many questions as to what will happen to it after a divorce. These are difficult decisions and it’s best to have a legal team by your side. Newport Family Law & Mediation Group has worked with clients throughout Southern California. We can examine your specific situation and work together to find a solution.
Similar to property, dividing a business can be tremendously complex. Most of the time, both spouses rely on this income for financial support. This becomes even more important to each party after the divorce. If the business was started during the marriage, it is considered community property. This means both people are entitled to their fair share. That being said, even if one spouse started the business prior to getting married, a portion of it may be considered community property.
It is important to consider all contributions to the business, financial and otherwise. If left up to a judge, they understand the value of one spouse maintaining a household while the other ran the organization. It is also good to understand the value of the business. While you might have some idea, we work with forensic accountants to get an accurate valuation. This is useful when dividing a company between two parties. As always, our attorneys will keep your best interests in mind.
We are here to help you get what you are entitled to. We will listen to your concerns and goals. Then, we will tailor a plan with this in mind. Call our office in Newport Beach to schedule a free 30-minute consultation at 949-769-7040 today. You can also email us.