The Law Firm of Hauer & Snover
Call us today to make an appointment
(248) 258-0800

Property distribution: Options re business interests in divorce

Many individuals place a great deal of time and effort into making their business into a successful enterprise. When facing divorce, business owners may have concerns about how the process of property distribution might impact the future of the company. Owners may wish to take steps to protect their business interests, and they may benefit from speaking with an attorney in Michigan for guidance in the process.

One of the first steps to take is to identify and obtain the correct value of all marital assets, including the business. Valuing a company can be a complex process, and may involve a detailed look into record books to identify all business-related assets. Once a person is fully aware of the company's worth, he or she may be more prepared to explore the available options during subsequent negotiations.

Another aspect to consider is whether the company is separate or marital property. If it is separate property, the owner may be able to maintain possession throughout divorce. However, if one's spouse is entitled to even a portion thereof, there may only have a few available options, such as whether to buy out his or her spouse's interests, stay on as co-owners or sell it and split the profits.

With numerous options to consider concerning the future of a business, one could begin to feel somewhat intimidated or overwhelmed by the process. Those who experience a similar situation could speak with a family law attorney in Michigan for some much-needed advice on the process of property distribution. 

Source: Forbes, "How Divorcing Women Entrepreneurs Can Get What They Deserve", Kerry Hannon, Nov. 2, 2017

No Comments

Leave a comment
Comment Information
Email Us For A Response

The Law Firm of Hauer & Snover

The Law Firm of Hauer & Snover
6905 Telegraph Road
Suite 350
Bloomfield Hills, MI 48301

Telephone: 248-258-0800

Fax: 248-258-2750
Map & Directions

How Can We Help You?

Call us today to make an appointment: 248-258-0800 or

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy