Proud business owners often see their businesses as more than a way to make a living–it’s not uncommon for a business owner to see his or her business as their baby, something they built from the ground up and wish to perhaps even hand down to their children later on in life. That said, when a business owner gets divorced, he or she will most likely look to protect their business at all costs. Please continue reading and reach out to a Los Angeles divorce attorney from Zitser Family Law Group, APC to learn more about business owner divorce in California and how our firm can fight for your best interests, every step of the way. Here are some of the questions you may have:
What happens with my business if I get a divorce in California?
Typically, and especially if there isn’t a prenuptial or postnuptial agreement in place, a business will be considered community property when a couple gets divorced. Simply put, this means that the business will be subject to equitable distribution, wherein each spouse will be entitled to a portion of the business, even if one spouse did not contribute (at least directly) to the business at all.
How do I determine the value of my business?
Before courts can distribute a business between spouses, they will first have to set a value to the business. Frequently, forensic accountants and other financial experts will be appointed to set a value to the business in question so that it may be distributed fairly and accurately. These parties will need to determine the business’s value, as well as any other debts or liabilities that the business may possess. Once the business is accurately valued, courts will distribute the business or its assets between spouses.
What should I do if I want to protect my business from a divorce?
If you want to protect your business from the divorce process, fortunately, there are some steps you, along with our Los Angeles business divorce attorneys can take. To start, if you haven’t yet married, you can draft a prenuptial agreement with your fiance and outline what you wish to happen with your business. If you’re already married, you may draft a postnuptial agreement to specify the same. If you haven’t drafted either agreement and are about to get divorced, the best thing you can do is hire a knowledgeable attorney who can fight to protect your business at every turn.
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.