How to handle a business during property division

How to handle a business during property division

On behalf of Stange Law Firm, PC posted in Property Division on Thursday, June 13, 2019.

The division of marital property can be one of the most contentious aspects of a divorce, and for good reason. The outcome of this matter often sets the stage for one’s post-divorce finances, which means that a poorly negotiated divorce settlement or improperly handled litigation of the matter can lead to long-term financial strife. This is why it is often advisable for Midwesterners who are considering divorce to work closely with a legal advocate who can help them advance their position and secure a firm financial foundation for their life post-divorce.

This help may be especially useful when a business is involved in a divorce. Generally speaking, there are three ways a business can be dealt with through the marriage dissolution process. The first way is for one spouse to keep the business by buying out the other spouse. Although the spouse who plans to buy out the other spouse may not have enough cash up front to settle the matter, a divorce agreement can specify payments to be made over time or more lopsided division of other assets to even things out.

Another way to handle a business through divorce is for each party to retain ownership. This option, of course, can only work if the parties maintain a decent relationship that doesn’t interfere with the business’s practices. Since many couples find this option challenging to successfully pursue, they often opt to simply sell the business and divide the proceeds. This can take time, though, and can lead to disagreements over the terms of the sale.

Many considerations must be made during the property division process. When a business is involved, it must be properly valuated, and then the parties have to decide how best to deal with that asset. A competent divorce attorney can help spur negotiations in hopes of securing a favorable resolution, but when settlement talks stall an attorney can assist in litigation of the issue. In the end, Midwesterners have to have a firm grasp on what they feel is in their best interests. Only then can a lawyer help them fight for what they believe furthers those interests.

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