How Do You Divide a Business in a Divorce?
Many married couples in the Beaufort area are living the American dream – they own their own business together and reap the benefits. However, what happens if married business owners then decide to get divorced? This can be a complex situation, and you always want an experienced divorce lawyer in Beaufort on your side.
There are different ways to divide your marital property in a South Carolina divorce. The state law requires that all marital property be divided “equitably,” and this includes a joint business. Some options for dividing business interests include:
- One spouse “buys out” the other’s ownership stake
- One spouse obtains full ownership but, instead of cash, the other spouse receives a much larger portion of other types of marital property
- The spouses decide they can work together and continue joint ownership after the divorce
It is important to accurately determine the value of the business prior to negotiations about how to divide it. You want a lawyer who has access to trusted accountants and business professionals who can advise you what your ownership stake is worth.
Once you know how much your interests are worth, you can then weigh your options. If your spouse buys you out, you may have enough cash to start a new enterprise on your own. If there is not enough liquid capital to compensate you, it might be possible for your spouse to get the business and for you to get the marital home in exchange, for example. There are many options in this situation.
Contact a Divorce Lawyer in Beaufort as Soon as Possible
You always want to protect your rights as a spouse and business owner in a divorce. Call a Beaufort divorce attorney at Fender Law Firm 843.379.4888 or contact us online to learn how we can help.