Is it harder for business owners to divorce?

Pierre Domercq Divorce

California residents may be interested in learning more about how business owners can conduct their divorces. For the most part, business owners who are facing the end of a marriage may confront challenges that aren’t relevant to other couples. However, it may nevertheless be possible to overcome these potential hurdles and craft a divorce agreement that leaves one’s assets relatively intact and provides a renewed sense of financial independence.
In order to safeguard business assets during a divorce, it’s important to give a little forethought to how the divorce will be conducted. For example, it’s important to have a complete financial portfolio available for an attorney to review should he or she ask for it. Having an accurate, detailed portfolio in advance can make it easier to make plans for each individual asset and determine an appropriate course of action for an upcoming divorce.
Similarly, it’s important to bear in mind that business assets are not necessarily redistributed evenly during divorce. To determine how business redistribution may take place, courts will often review the length of time each individual spouse spent working on the business and how much of their individual resources they invested into its successful operation. This can be an amicable process if both parties can honestly attest to the nature of their contributions to a shared business venture.
A business owner who is considering divorcing their spouse may wish to discuss the matter with an attorney before initiating the process. In many cases, the ability for divorcing parties to separate in a mutually satisfactory manner can depend on the accurate valuation of a couple’s marital assets during property division. An attorney can often assist a client in making these valuations and facilitate the negotiation of a settlement agreement.