It’s no secret that the divorce process can be overwhelming. However, the couple involved are also business partners, there are additional facts that must be taken into consideration. For many, this is a highly contentious issue, so ensuring you understand how the process works is vital to preparing for a legal battle. If you and your spouse share a business and are going to get divorced, it’s imperative to enlist the assistance of a Monroe, Louisiana divorce lawyer to help you navigate this complex and confusing process.
What Do Divorcing Business Partners Need to Consider?
If you and your spouse are going through a divorce, it’s important to remember that you will endure the same elements of this process as others, including alimony, property division, and child custody. However, this can become more complex than a standard divorce when there is a shared business.
It is not uncommon for your company to undergo a business valuation, as it may be considered marital property in Louisana. This is especially true for companies established after the relationship, as it will be subjected to Louisiana’s community property laws. This means both partners are entitled to an equal share of the business or assets of equal value.
What Will Happen to Our Business After the Divorce?
Generally, there are a few ways that a divorced couple can handle their business.
One of the most common options is for one spouse to buy out the shares of another. This means they will retain their ownership in the company while the other walks away with financial compensation. Buying out a partner’s portion is common for those not as involved in the daily operations but is an owner in name only.
On the other hand, it is not uncommon for married couples to discover that they may be better suited as business partners. This means they can continue working together and running the business as usual. This is not an option for all couples, as those who divorced on unfriendly and hostile terms are likely better off avoiding each other.
How Can an Attorney Help?
It’s important to understand that a divorce is a complicated legal matter that should be handled with the assistance of an attorney. This is even more important when a business is involved, as this makes the process even more complex. Unfortunately, many couples try to navigate this process on their own, with less than favorable outcomes.
Instead, relying on the assistance of an experienced attorney from Breithaupt, DuBos, & Wolleson, LLC can help you navigate this process with ease. They can walk you through what you must know, negotiate the terms of your divorce, and help protect your best interest. Contact us today to learn more about how our firm can be of assistance.