Don’t Let Your Business Get Lost At Sea
Owning and running your own business can be incredibly rewarding. However, your business can potentially be in significant jeopardy when facing a divorce.
To sort through the confusing nature of these issues, you need an attorney who is well-versed in intellectual property law, trademarks and copyrights. Whether the business is a partnership or a corporation, there are significant issues to navigate. Attorney Elizabeth Du Par can help you captain your ship as you sail through these difficult channels.
Keeping Your Boat Afloat
Marital property in a divorce doesn’t only refer to real estate or bank accounts. You may be concerned with losing your livelihood along with your marriage and home.
Marital property can also relate refer to:
- Business owners
- Intellectual property
Any business created during the marriage is community property in California. This means that when dividing assets during the divorce process, each spouse is legally entitled to half of the value of the business. This does not mean that you will be co-running your business or practice with your former spouse, rather that each party owns half of the value of the business.
Stay The Captain Of Your Own Ship
Dividing business assets can happen in two ways: The spouses come to an agreement, or the judge can decide who gets what. While the first option is the easiest, it is not always possible for an agreement like that to happen.
Before courts can divide a business between spouses, they first set a value to the business. Once the business is accurately valued, courts will divide the business as it sees fit.
There are multiple ways to resolve splitting a business between separating spouses, including:
- Dividing the business
- Buying out your portion of the business
- Selling the business
- Dissolving the business
- Continuing to run the business together
With an experienced attorney at the helm, you can go through your options and work toward a resolution. Du Par Law can help you do what is best for your business.
Don’t Let Your Ship Get Wrecked
If you need help navigating the complicated waters of dealing with a business in a divorce, contact Du Par Law online or at 877-330-6062 for a consultation.