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How Does Divorce Affect a Business?

Two of the most common binding contracts between people include marriage and business partnerships. If you are considering divorcing someone with whom you own a business, or are planning to divorce someone who owns their own business, your situation will present some unique challenges that are best left to an attorney to handle.

Divorce When Business Ownership Is Involved

When two people get a divorce, their assets and debts must be equitably distributed. The court will have to determine two things: whether a business is considered a marital asset or a separate asset, and how much the business is valued at. Depending on whether a prenuptial agreement was signed prior to the marriage and how the business was run (i.e. if both partners contributed time and finances), the court will decide if ownership of the business must be divided or if it is protected as a “non-marital asset.” Depending on a couple’s unique situation, they must determine whether to dissolve the business entirely or to re-establish it under new ownership. An experienced Denver divorce attorney at Modern Family Law can help you understand your options and how different plans for the future of your business may affect the details of your divorce.

Experienced, Skilled Legal Counsel in Colorado

Divorce law can be complicated, especially when businesses are involved. Trust in our legal team to guide you through every step of the way with as little stress as possible.

Why Modern Family Law?

  • Over 100 years of combined experience
  • “A” Rating with the Better Business Bureau
  • Named “Best of the Best” by ColoradoBiz
  • Free, no-obligation consultations

Get in touch with us today to speak with an attorney about your case. We proudly serve families located in Colorado and California.

Posted November 24, 2015
by: MFL Team

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