Going through a divorce is an emotionally draining and legally complex process, particularly when a small business is part of the marital assets. It’s not just about who gets the antique china or the family car. The stakes are much higher when your livelihood is on the line. But don’t worry, the legal team at Kendall Gkikas & Mitchell, LLP are here to demystify this process and help you navigate this challenging issue.
Divorce Proceedings and Your Small Business
At first glance, the prospect of how your small business might be divided during a divorce can seem overwhelming. But it’s not all doom and gloom. It’s important to realize that just as every marriage is unique, so is every divorce. The key lies in understanding how the law sees your business and what steps you can take to protect it.
Business as a Marital Asset
One common misconception is that if you started the business before the marriage, it’s safe from division. Well, it’s not that straightforward. The distinction lies in understanding “separate” and “community” property laws. It all comes down to the nature of your business, its growth during the marriage, and your spouse’s involvement in it. This can be complex, which is why you should speak with a divorce attorney to determine the best path forward.
Simply put, it’s essential to know the right moves to protect your small business. Consider prenuptial or postnuptial agreements, paying yourself a competitive salary, or establishing a living trust.
Valuation of the Business – The Number Game
Business valuation during a divorce can be a complex procedure. It involves a detailed financial analysis and understanding the nuances of tangible and intangible assets. Keep in mind that various valuation methods can result in different numbers, making it a tricky terrain. That is where the experience of a divorce attorney comes into the picture.
Kendall Gkikas & Mitchell, LLP: Your Beacon in the Storm
It’s no secret that divorce proceedings can feel like uncharted waters, especially when your small business hangs in the balance. That’s why it’s crucial to have the right legal ally on your side. At Kendall Gkikas & Mitchell, LLP, we understand the intricacies of family law and bring 31 years of experience to the table. Our goal is to protect what matters most to you – your business – and help you sail through this tumultuous period as smoothly as possible. Are you ready to safeguard your small business and get some peace of mind? Contact Kendall Gkikas & Mitchell, LLP today at 909-482-1422 to schedule your initial consultation.
To learn more about the reliable and quality divorce services that we offer, visit us on the web.
