Divorce is an extremely difficult, challenging, and emotionally draining process for any of the parties involved. This is especially true when you share your business with your spouse. Not only do you need to worry about dividing your personal assets, but you also need to be concerned with dividing business assets as well. Trusting a legal professional to assist you through this process will prevent from making rash and irrational choices that you may regret in the years to follow. Whenever you are going through a tough divorce, we recommend this advice on how you approach dividing business assets with your spouse.
You will first want to get a fair valuation of the business to find out what it is valued. This will help you evenly divide your assets during the divorce. When valuing a business, there are many important factors to consider. The number of customers, size, location, intellectual property, and revenue will all be taken into account. Depending on the state of your relationship at the time of the divorce, it may be recommended for each party to get their own independent valuation of the business before negotiations.
Whenever you are in the middle of a bitter dispute with your spouse, you may want to end ties with them forever. This may involve buying out your spouse's portion of the business if you are financially able to do so. You may even be able to come to an arrangement where one of you runs the business and the other only receives payment installations. This way, there is only one person running the business without worry about the other. There are many different types of arrangements that will relieve financial pressures and strains on your relationship, which will make moving on much easier for the both of you.
If neither one of you wants to stay tied to your business, you may also want to consider other options, like selling the business entirely. You can also swap the business for other interests, such as real estate, investment accounts, or other assets. Always ask your attorney about making the smart choice for your financial status after the divorce. They will assist you in learning other options when it comes to selling your business while you are dividing business assets.
Dividing business assets and personal assets can be a lot to handle during one lengthy process. By following this advice, you can make the best decisions for your personal and business future. If you are going through a difficult divorce that requires dividing business assets, you will want to trust the best legal professionals out there. Your Orlando Lawyer is here to take care of your legal needs. Contact us today to schedule a consultation with our qualified and reputable family legal professionals.