If you are getting a divorce and either you or your spouse owns a business, there can be much confusion over how that asset is divided. Thankfully, Kendall Gkikas & Mitchell, LLP is here to help!
How are the rights to business property established in a divorce?
During a divorce, if a family business or professional practice exists, the first step is to establish each spouse’s right to that business. If the business was started during the marriage, it typically will be considered community property. This means that each spouse has a 50-50 share in the business value. However, if one spouse brought the business into the marriage, a 50-50 share might not be applicable. There will be many considerations taken into account, including the contributions of each spouse during the marriage.
Who determines the value of the business?
Once it is determined what percentage, if any, is community property, the next step is to determine the value of the business. In California, the court can accept evidence-based business valuation methods including market valuation, income valuation, and asset valuation. Each spouse will typically have an independent valuation done for the business and then the parties will hash out any differences.
How do I increase my chances of keeping my business up and running after a divorce?
Having your life turned upside down due to a divorce is difficult enough. The last thing you want to have happen is to see your professional life and the business you built destroyed as well. If you want to increase the chances of keeping your business up and running after the divorce, you truly need an experienced family law attorney on your side to fight for you and your business.
If you are looking for a family law attorney to keep your business intact during a divorce, contact Kendall Gkikas & Mitchell, LLP for help!
If you own a business and you are getting divorced, it is imperative that you contact a family law attorney to protect it. In California, any property or assets obtained during a marriage are common property, meaning they get split 50/50 between both spouses. If you founded a business during your marriage, you need an experienced divorce attorney to protect your business and fight to ensure that you receive a fair settlement. That is why you should contact Kendall Gkikas & Mitchell, LLP right away. We have over 26 years of experience and will fight tirelessly to ensure that you get a fair settlement. Give us a call today at 909-482-1422 to request a consultation.
To learn more about the reliable and quality office furniture products that we offer, visit us on the web at Kendall Gkikas & Mitchell, LLP.