If you and your spouse own a business together and you are getting a divorce, the marital component of the business is subject to equitable property division. Even if one spouse manages the business and the other spouse plays an insignificant role in operating the business - the property in the business is subject to property division.
Pritt & Pritt, PLLC, represents business owners in divorce and property division matters. For skilled and experienced representation in dividing your family business, contact a Charleston divorce property division attorney today.
Divorce and Business Property Division
Dividing a business in divorce can be an extremely complex legal process. There are a number of factors to be considered when determining how to equitably divide a business, including:
- Each spouse's contributions to the business
- How the business will be run following the divorce
- What part of the business is considered marital property, and what part of the business is considered separate property
The most critical component of the business division process is obtaining all necessary paperwork containing important financial information and other information related to the business. Our firm will review every important detail and work with experts (such as accountants and business appraisers) when necessary to gather and analyze important information.
We will consider the tax issues that may arise, and work to minimize the financial impact that may result. Depending on how the owners anticipate the business to be run post-divorce, it may be wise to negotiate a buy-out agreement. Otherwise, some couples choose to continue operating a business post-divorce. In any case, we will ensure that your rights and financial interests are protected throughout the process of dividing your business.
Learn more about equitable distribution in West Virginia.
Kelly Pritt was the contributing attorney to this content