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What Happens When Business Owners Divorce?

business owner divorce

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.

Benefits of Divorce Mediation


“Mediation” is a term that many divorcing spouses will likely hear. While you might have an idea about what mediation might be, many people are unclear about the process and its potential benefits for a divorce case. The following are some benefits that spouses can gain from a successful mediation process.


Preparing for a Possible Divorce Case

divorce case

If you think divorce might be possible in your near future, there are certain steps you can take to prepare for a potential case. Whether you might file in a few weeks or months, or you suspect your spouse might file, it can be very helpful to take some time to prepare for a potential case. Doing so can help resolve your case more efficiently in many situations.


Requirements for Your Divorce

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Deciding to end your marriage is a big step, and you likely want to move forward with your life as soon as possible. However, divorce is a legal process, and there are different requirements you must meet before the South Carolina court will end your marriage.


How Long Will My South Carolina Divorce Take?

South Carolina divorce

When you file for divorce, you likely want the matter to be finished as quickly as possible. However, there is a specific process for divorce cases in South Carolina, and a divorce cannot be finalized immediately. First, every divorce case has at least a 90-day waiting period from the filing date. This exists to ensure spouses have the chance to reconcile or rethink ending their marriage. There are also other factors that can increase the length of your divorce case.


Custody Planning for the Holidays

custody planning

When you set your custody schedule, you should always consider how the schedule will change over the holidays. You should also address which parent gets to be with the kids at which times over the holiday season. All of this should be set out in your parenting plan, which you can review to prevent disputes from arising.


Should You Move Out of the House Before a Divorce?

property division

When you and your spouse begin to realize that your marriage is not working, you might want to spend some time apart. You might be tempted to pack up some things and find an apartment, though is it a good idea to move out before your divorce is final?

In some cases, moving out is necessary. If your spouse refuses to leave and they put your or your children at risk of harm, you should not hesitate to protect yourselves. However, if there is no threat at home, you might want to discuss this decision with a divorce lawyer in South Carolina.

Property Division in a Divorce

In South Carolina, the law requires divorcing couples to divide all of their marital property in an equitable manner. A house is usually considered marital property – even if it is only in one spouse’s name, as they likely lived together in the house and both contributed financially to the house during the marriage.

You cannot divide a house in half. You can sell the house and divide the proceeds, though this often does not happen if there are children involved, as you want to preserve their status quo as much as possible. This means that one spouse might stay in the house and the other relinquishes ownership in exchange for other property.

If you move out, it can often be difficult to get back in. While this is not always the case, you should seek the advice of a trusted attorney about whether you should move out or not during your divorce.

Contact a Divorce Lawyer in South Carolina for More Information

The Law Firm of David Parker Geis, LLC, advises clients on matters and concerns before, during, and after divorce. Call 843.715.0661 or contact us online to speak to a South Carolina divorce attorney today.

What Grounds Should You State for Your South Carolina Divorce?

divorce attorney

When you file for divorce, every state requires you to provide grounds for dissolving your marriage. The specific grounds available will depend on state law, and South Carolina allows you to cite no-fault or fault-based grounds. It is important to carefully consider this decision with the help of a divorce lawyer in Hilton Head.

No-Fault Divorce

South Carolina does not require you to prove marital misconduct to get divorced. Instead, you can simply state that you and your spouse have irreconcilable differences. In order to petition for a no-fault divorce in South Carolina, however, you must show that you have lived apart from your spouse continuously for at least one year before filing.

Fault-Based Divorce

The fault grounds in South Carolina are as follows:

  • Adultery
  • Alcoholism or drug abuse
  • Physical cruelty
  • Abandonment by your spouse for one year

There are some benefits to citing fault-based grounds for some spouses. First, you do not have to be separated for one year for a fault divorce (except in abandonment cases). Additionally, proving that your spouse engaged in misconduct can give you an advantage in alimony, property division, or child custody determinations.

It is important to consider that you must provide sufficient evidence of the specific misconduct to the court. If your spouse will not admit to misconduct, this can result in highly personal information being exposed in open court, which can often make the divorce process significantly more adversarial.

Contact a Divorce Lawyer in Hilton Head, SC for Assistance

There are possible pros and cons to both no-fault and fault-based divorce grounds. This is something you should discuss with an experienced Hilton Head divorce attorney before you file your petition with the court. Call 843.715.0661 or contact us online to schedule a consultation with the Law Offices of David Parker Geis, LLC today.