An essential part of any divorce case is the division of marital property, which includes the family home, vehicles, financial accounts, personal belongings, and more. The more complicated your marital property is, the more challenging it might be to divide it between yourselves. One factor that can make property division particularly complex is when spouses own a business together.
Working for yourselves is often considered the American dream, and the right business venture can be lucrative and rewarding for you and your family. However, what happens if two business owners decide to get divorced?
Business Interests as Marital Property
Business interests – or at least an increase in the business value – are considered to be marital property in many situations, especially if you own a business together. If the company is the livelihood for both of you, how do you decide how to divide it? There are different common options for such a division:
- Sell the company altogether and divide the proceeds
- One spouse buys out the other’s interests
- The spouses decide to keep working and owning the company together
It is important to have a reliable business valuation to know how much there is to be divided or what the selling price should be. Often, if one spouse plans to keep the business, they might not have the funds to buy out the other spouse outright. It might be possible to award the leaving spouse more property (such as the family home) in exchange for their portion of the business.
Contact a Divorce Lawyer in Hilton Head Today
The Law Offices of David Parker Geis LLC can help with complicated property division determinations, as well as all other issues in your divorce case. Call 843.715.0661 or contact us online to learn how a Hilton Head divorce attorney can assist you.
