Family Businesses

Owning a business with a spouse is a relatively common practice, and while many of these types of businesses are successful and lucrative, they can also raise a host of complicated issues in the event of a divorce. This is because couples who own companies together must grapple with dividing the business if they later decide to dissolve their marriage,…

Most people don’t enter into marriage with the expectation that they will later get divorced. Similarly, couples who start businesses together usually do not anticipate running into any obstacles regarding ownership and control. The reality, however, is that many couples who are also business owners will face complicated issues in the event of a divorce, so if you and your…

Although most people associate divorce with child custody issues, alimony, or deciding who will keep the marital home, many couples who jointly own a family business must also divide the company itself. This requires an in-depth valuation of the business, as well as a determination of whether the company is actually jointly owned. Furthermore, once a couple’s business interests have…

In many situations, a closely-held business is the largest economic asset in a marriage. Moreover, it is often the couple’s primary source of income; in fact, in many cases, spouses have put off development in their professional careers to pour their time into the businesses, and reintegrating into the labor force may not be easy. These economic factors sometimes make…

Although there is nearly always some overlap, most assets in a high net worth divorce fall into one of two general categories. Some property items, primarily things like securities brokerage accounts and retirement nest eggs, are prized mostly for their economic value. Others, such as a primary residence or vacation property, have a greater emotional value. A family business is…

A big task during a divorce proceeding is determining what property is separate property (belonging to a particular spouse) and what property is marital property (to be divided in the divorce). Marital property is all property, other than separate property, acquired during the marriage until the date of separation. Marital property may include the family home, the family car, or…