If you are a business owner and you are getting a divorce, you are most likely looking to protect your business. Read on and contact our Los Angeles business divorce attorneys to learn more about how businesses are divided in divorce and how our firm can help. Here are some of the questions you may have:
What happens to my business if I get a divorce?
California is a community property state, which essentially means that when a couple gets divorced, most of the property acquired by either spouse during the course of their marriage will be eligible for equitable distribution. This essentially means that in many divorces, the business owner’s spouse will be entitled to a portion of the business. You should understand that sometimes, even when a person owns a business before marriage, the other spouse may be entitled to a portion of it during a divorce.
How do courts value a business during the divorce process?
In order for a court to distribute a business between both parties, they must first accurately value the business. Frequently, this is a very involved and potentially complicated process, which is why it is not uncommon for third parties, such as financial analysts and forensic accountants to get involved. Our job is to help ensure they do theirs properly and work to attain the best possible outcome for your divorce on your behalf.
What can I do to protect my business from a future divorce?
If you are currently going through a litigated divorce, the best line of defense for your business is a competent Los Angeles divorce attorney who has significant experience handling business owner divorces on behalf of their clients. That said, if you are not yet married but would like to protect your business from the pitfalls of a divorce, you should consider drafting a prenuptial agreement with your spouse. This can outline what property belongs to each of you, should you get divorced. Postnuptial agreements accomplish the same thing, but they are drafted after marriage and prior to divorce. Spouses who own a business together can draft a shareholder agreement, which can determine each spouse’s interest in the business, should they get divorced. If you have any further questions or you would like to get started, please don’t hesitate to give our Los Angeles divorce attorney a call.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.