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