Going through a divorce can be one of the hardest situations a person faces. Disagreements and arguments between the parties are common in divorce cases. There are many aspects to the divorce process that make it very complicated: division of assets and debts, possible issues of child and spousal support, and child custody schedules, just to name a few.
What can further complicate a case is if you own a business. Whether your business is owned solely by you, with co-owners or with your spouse, aspects of your divorce case could directly affect the business. For example, the business’s income and profits may need to be analyzed and disclosed. In addition, there is the possibility that your spouse may be entitled to up to half of the business when all assets and property are divided in the divorce.
The possibility that your business can become an issue in the divorce can have a negative impact on your divorce case, your relationship with your co-owners and employees, and how the business operates. If you are a business owner that is going through a divorce or contemplating divorce, it is important that you consult with a divorce attorney that is knowledgeable in these types of issues. Wallin & Klarich has experienced divorce attorneys that have successfully handled these types of complicated matters, and they will be able to advise you on the best course of action in all stages of your case.
Pre-nuptial Agreements
One way that a business can be protected from the divorce process is if the parties entered into a pre-nuptial agreement before they get married. Pre-nuptial agreements serves as a contract between the parties that can detail what property, assets, and debts will go to which spouse in the event of a divorce. If done correctly, a pre-nuptial agreement could be used to have a business go solely to you, without your spouse having any interest or share in it.
In a divorce proceeding, the court will enforce the terms of a pre-nuptial agreement only after the court has determined that it was properly prepared and fairly entered into by the parties. Therefore, it is very important that you seek legal help from a qualified attorney before proceeding down this path.
Post-nuptial Agreements
Another method to protecting your business from a divorce is through a post-nuptial agreement. Post-nuptial agreements operate in the same manner as pre-nuptial agreements, but it is a contract that the parties enter into after they are married. These types of agreements are thoroughly analyzed by the court before they are enforced, and could possibly be denied if not prepared correctly.
Protection During Your Divorce Case
If a pre-nuptial agreement or post-nuptial agreement was not entered into by the parties, there are possible ways of protecting your business while your divorce case is still progressing. One way, which is similar to a pre-nuptial and post-nuptial agreement, is for the parties to enter into a settlement agreement that can become enforceable once approved by the court.
If you and your spouse cannot come to an agreement regarding the business, an experienced divorce attorney can help you determine whether a part or all of the business does not need to be legally divided with your spouse. Thus, no matter what situation you are facing, as a business owner, you should consult with legal counsel to know what options are available to you.
Do you Own a Business? Considering Divorce? Contact the Divorce Attorneys at Wallin & Klarich
A divorce can be difficult and costly for you, which is why it is important to have an experienced California divorce lawyer review your case and advise you on the best options for your case. The attorneys at Wallin & Klarich have been successfully handling divorce cases and complex property division for more than 30 years. You can rely on Wallin & Klarich to obtain the best possible result in your case.
If you are going through a divorce, it is essential that you get the assistance of an experienced divorce attorney at Wallin & Klarich. With offices located in Los Angeles, Orange, Riverside, San Bernardino, San Diego, Victorville, West Covina, Sherman Oaks, Torrance and Ventura , there is an experienced Wallin & Klarich attorney available wherever you happen to live or work.
To speak with an experienced California divorce lawyer about your case, please call us today at (888) 749-7428 for a free phone consultation. We will get through this together.
