Even the most basic divorce in which both spouses are on the same page and are committed to amicably negotiating the terms has its own complications. While most divorces are more challenging than this example, one of the factors that nearly universally complicates divorce is business ownership. If you own a business and are facing a divorce, you should not wait to consult with an experienced Virginia divorce attorney who has extensive experience successfully guiding these highly complicated cases toward beneficial resolutions.
In a Virginia divorce, the basics as they relate to the division of marital property include all the following:
Even if you owned your business when you married and made sure to keep it strictly separate while you were married, there is still the matter of any increase in its value to contend with, and this is likely to require serious forensic valuation efforts. If any of the following, however, apply to your situation, your business is unlikely to stand as a separate asset in the eyes of the law:
If you and your spouse own the business together, one of you will likely need to be bought out and walk away from it upon divorce, which can add an additional layer of complications. Selling a business in order to divide the value is generally not a great answer, and one of you will likely also be losing his or her livelihood (or part of it) by walking away. Additionally, there is the matter of obtaining a mutually acceptable business valuation and the fact that a business can serve as a great vehicle for hiding assets. When you add it all up, there are more than enough complications to go around.
The accomplished Virginia divorce attorneys at Mahoney Richmond Thurston, PLLC, understand the complexity of your situation and have the legal savvy to help. To learn more, please don’t put off contacting us today.