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Business Owner Divorce Attorney
Property division can be complicated in any divorce. In theory, it should be easy to give each party their separate property. Then, the debate begins over marital property. That’s where the complications begin.
The confusion grows even worse when property becomes co-mingled. This is property that started separate, owned by only one person. Over time, the other spouse makes contributions to the property, giving them some legitimate ownership over the property.
If you are a business owner, you are susceptible to this co-mingling of property. Your spouse could claim a degree of ownership over your business simply because it supported your family.
The team at The Law Offices of Daniel J. Miller can help you untangle ownership of a co-mingled business. Our experienced attorneys understand the challenges business owners face in a divorce. Let us put our skills to work for you.
If you are facing a divorce as a business owner, trust our attorneys to take care of you. Call us today at (757) 267-4949 for a free consultation.
Your Business as Separate Property
Separate property belongs to only one spouse. It includes property you owned before your marriage, property you inherited, and gifts from people outside the marriage.
If your business falls into this category, it should be protected in your divorce. When spouses attempt to claim ownership of separate property, our team is there to help make sure you can preserve what rightfully belongs to you.
Your Business as Marital Property
If you started your business with your spouse, it will most likely qualify as marital property. Each spouse owns marital property equally, and it normally includes any property you purchased during a marriage.
Even if you started your business alone, your spouse may have a legitimate claim to partial ownership. For instance, if they supported you while you grew the company, that may entitle them to a portion of your business.
Most states divide property equitably, giving assets to the most deserving partner. If your business is a marital asset, you need a deft legal team to help ensure that each spouse retains a fair, reasonable share of it. Our team can do this for you.
Your Business as Co-Mingled Property
If your spouse makes any contributions to your business, they may be able to claim partial ownership. This often happens with family-owned businesses. It doesn’t matter if they sometimes worked the register for free or helped you make important marketing decisions. When your spouse invests their time and energy into your business, it can become co-mingled property.
Your Income as a Business Owner
Whether you work for someone else or yourself, the money you bring to the family is normally considered a marital asset. This income should be treated like any other, and your spouse shouldn’t have any special claim over it.
Our team can help separate ownership of your business. Depending on your circumstances, we may be able to help you walk away with full ownership and control of your company. We may be able to help you buy out your spouse’s portion of the business. If necessary, can also help work out a deal where you pay your spouse a fair percentage while maintaining control of the business.
We can also account for any other expenses associated with your divorce. For instance, you may be required to pay a large amount of spousal support or child support. If so, we can help argue that you must keep a larger portion of your business to meet these needs.
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