Keeping the property you came into a marriage with separate from the property you accumulated while married is notoriously difficult. Many people make mistakes and end up mixing the two together. If you happen to be in business with your spouse then it is almost impossible to separate the two.
Understand your role in the business
Before you can figure out what part of the business is yours, you need to have a clear idea of where you fit into it. Are you one of the following:
- Primary shareholder
- Managing member
Each role will have a different effect on the division of the company assets.
To make things even harder to divide fairly, some assets may have a direct value like a desk, while others have an intangible value like the company’s reputation. Then company debts have to be accounted for before the assets are divided.
Division of corporate assets is best left to experts
As you can see, there are a lot of factors to account for when trying to equitably distribute business assets and that’s before you add in personalities and emotional conflict. Once the judge has decided what part of the business is marital property and what is separate property, balance sheets, financial reviews and profit/loss statements will need to be drawn up. Do yourself a favor and get expert help!
At Waggoner Hastings LLC, we recognize how much is on the line and our attorneys will fight to help you obtain the results that you deserve. With comprehensive, detail-oriented service, you can be confident knowing that an experienced and specialized divorce lawyer from our firm will do everything in their power to help you through your divorce. We know the intricate steps that are needed and you can trust that we will be thorough, fair and accessible to you. To learn more about how we can help, contact Waggoner Hastings LLC as soon as possible.