There are a lot of complicated issues that must be dealt with when any couple gets divorced but this can be even more challenging when a family business is involved. Regardless of whether or not the business was started through the marriage, you need unique legal counsel. At Kendall Gkikas & Mitchell we have the experience, knowledge and skills you’re looking for to ensure you get your fair share of the family business or retain your option to continue your role in the business even after the divorce.
The first step is to establish rights to business property
In almost every case, the first step your divorce attorney will take will be to establish the rights of both spouses to the business. If the business was founded during the years of marriage then it’s usually considered community property. In that case, it will likely be split 50/50 between both spouses.
On the other hand, if the business predates the marriage then it may not be appropriate to go with a 50/50 split. Generally speaking, the spouse who came into the marriage without the business will need to establish how much of the business should be considered community property. Factors will include things like how much each spouse contributed to the marriage. Once it’s established how much of the business is community property, that amount will generally then be split 50/50.
You must also determine the value of the business
Determining the business value will be the next step. In California, there are a number of valuations that may be used, all of which are evidence-based. They include but are not limited to:
- A market valuation
- An asset valuation
- An income valuation
When you choose Kendall Gkikas & Mitchell, we will work to help you get an evaluation of the business that’s both fair and independent. You shouldn’t have to rely on what your ex-spouse claims the business is worth. Instead, our experts will ensure the amount decided on is impartial and fair.
Divorce is hard enough – don’t make it harder
In most every divorce, both partners will have their life turned upside down. There’s no reason for professional lives to be destroyed in the process. When you choose Kendall Gkikas & Mitchell you’re choosing a California family law firm that will assist you in finding the right solution to your business property complications. The goal is to prevent unnecessarily dissolving a business and liquidating the assets of said business – which is one option the judge may require if both parties can’t come to an agreement.
You can always count on us to stand up for your best interests and to find the right balance between splitting the family business fairly and your right to continue being employed in that business. Now is the time to contact us to learn more about your rights and your options. Call us today at 909-482-1422.
