If a couple is getting a divorce and they own a business, each spouse may assume that the business is rightfully theirs. However, organizations have value, so they are considered a marital asset. If someone started a business before being married, this may be taken into account to a certain extent, but each spouse will be able to lay claim to at least part of a business’ worth.
If someone owns a business, it is important that they understand the potential for litigation if they do not take the necessary precautions. For instance, individuals that fire a spouse that works at their business may open themselves up to a complaint of wrongful termination. Additionally, it is very important that people do not attempt to hide assets or make their business look like it is less valuable than it is.
People may want to attempt to negotiate how business interests are divided. This can be done with mediation, and it gives individuals more control over the outcome of a divorce and how the business is run following the dissolution of a marriage. If a couple cannot agree on these matters, the issue will have to be decided in court.
One of the more complicated parts of a divorce is asset division. While bank accounts and even retirement accounts can potentially be split down the middle, most couples own a variety of assets that do not have a straightforward value. Homes in particular create a quandary because they have value, but they also represent an expense due to property taxes, mortgages and upkeep. A lawyer could assist someone in determining which assets to pursue and assist them in doing so.
