Getting divorced is never a fun situation. However, it can become even more overwhelming if there is a small business at stake. If you run your own business, you might be wondering what happens to that business. That is your livelihood and understandably you are right to be worried about what might happen. The good news is that Kendall Gkikas & Mitchell, LLP is here to help. Keep reading to learn more about what happens to small businesses in divorces and how Kendall Gkikas & Mitchell, LLP can help you through the process.
What happens to a small business during a divorce?
The answer to this question really depends on many different factors. That is why it is best to talk with a skilled divorce attorney like Kendall Gkikas & Mitchell, LLP. We are happy to meet and discuss your case. However, in the meantime, the answers to the following questions can help provide some guidance.
Who owns the business?
The biggest factor in what happens to a business during a divorce is who owns the business. If only one spouse owns the business, it can often be sold before the divorce is complete, though the other spouse will likely need to be compensated for their share of the business. It is important to understand that no matter who has ownership, your spouse has interest in the business to the extent that it was founded and run over the course of the marriage or if marital assets were used to further the business or profits were kept as marital assets;
What is the business worth?
So, what is the business worth? That depends! You will need to have the business valued by a professional appraiser in order to determine how the property will be divided in the case of divorce.
If you need to protect your small business during a divorce, contact Kendall Gkikas & Mitchell, LLP today.
If you have a small business and are considering getting divorced or are going through the divorce process, it is important to contact Kendall Gkikas & Mitchell, LLP for help. You have put so much effort into your business and we will fight tirelessly to ensure that you get a fair deal with it comes to your divorce. If you are ready to move forward, contact us today at 909-482-1422 to schedule an initial consultation to discuss your case.
To learn more about the reliable and quality family law services that we offer, visit us on the web at Kendall Gkikas & Mitchell, LLP.
