Dividing Business Assets In Divorce
Divorce is a stressful, high-stakes affair for anyone, but perhaps even more so for business owners and their spouses. When a business owner divorces, the manner in which assets are divided plays a crucial role in the future of the business.
Heidi D. Collier, APC, is a trusted source of divorce law guidance for business owners and their spouses in San Diego County and throughout surrounding California communities. With more than two decades of experience, attorney Heidi D. Collier, CFLS, knows how to navigate these complex financial matters. As a certified family law specialist, she has demonstrated a level of knowledge and experience shared by only a small percentage of California divorce lawyers.
Doing What’s Right For You And The Business
California is a community property state, meaning divorcing spouses divide assets equally upon divorce. This includes business assets, provided the business started and grew during the course of the marriage. If the business was established prior to marriage, at least some of its worth may be considered separate property and not subject to division in divorce.
In most cases, only one spouse will remain attached to the business after divorce and will therefore buy out the other spouse’s interest in the business. In some cases, both spouses agree to cut ties with the business altogether, selling assets and dividing the proceeds in divorce. No two divorces are the same. Ms. Collier will work with you closely to guide you to your desired outcome.
Maintaining a healthy mindset is important when the future of a business is at stake. There doesn’t have to be a winner or a loser in this negotiation. Both parties can benefit from what has been built, and both can move forward to a prosperous financial future, even if separately.