Division of business assets in a divorce can be a difficult process, especially when that business is worth a lot of money and still bringing in future earnings. When a business is owned by both spouses, disputes may arise as to whom will continue to own the business and who will be compensated. Normally, couples may agree on the option to buy out a portion of the business, meaning one spouse will receive the business and in turn financially compensate the other spouse. Another option involves separation clauses, assigning certain facets to ease spouses.
If you share business assets with your spouse, it is vital you have an experienced divorce attorney who can provide sound advice and guidance to help you reach a fair settlement. At FasTrack Divorce® Michigan we understand the stress you are facing when mulling over division of business assets. That is why one of our dedicated and knowledgeable Michigan divorce attorneys can help you through the process every step of the way.
How to Handle Division of Business Assets
There are many options to consider while discussing division of property assets. Various factors are taken into account in order to reach an agreement.
Some of the factors that are considered include the following:
- Who has greater involvement in the business
- Length of marriage
- Prior ownership before marriage
- Amount of earnings accumulated over the course of the business
- Each spouse's occupation and involvement in business
If you and your spouse have equal involvement and ownership of the business, various options will be presented in order for you and your spouse to reach a mutual agreement. Sometimes a business is sold and the profit is then divided equally between couples. In other cases, a buy out or separation clause might be the best option in the settlement.
FasTrack Divorce® Michigan is Ready to Assist
Our seasoned and helpful Michigan divorce attorneys at FasTrack Divorce® Michigan are knowledgeable in their field and are ready to provide sound legal advice as they guide you through the divorce process. If you have business assets that will be divided in your divorce, it is very important to have an aggressive and seasoned legal advocate on your side.