OAKLAND COUNTY LAWYERS PROTECT YOUR BUSINESS IN DIVORCE

NOVI, PLYMOUTH AND NORTHVILLE DIVORCE ATTORNEYS

Divorce Attorneys For Business Owners In Novi, Ann Arbor, Plymouth

Every divorce comes with personal and legal challenges, but those are magnified when the divorce involves significant assets, such as those held by business owners.   Whether you are a sole proprietor, or your business is family-owned, your spouse will likely have some amount of claim to the assets and income from your business when you divorce. You need to be sure your financial interests are protected.

At the Shaw Law Firm, we can help you preserve your business’s vitality and your own financial interests as a divorcing business owner. Our depth of experience in Texas family law matters includes a record of success in uniquely complex cases, such as those that involve:

  • How to protect a business from losses during the divorce process
  • Retaining ownership of a business when a spouse is seeking ownership
  • Equitably dividing business assets when a business was jointly owned
  • Tax implications of business property transfers, acquisition, alimony and property division

WHAT WILL HAPPEN TO YOUR BUSINESS IN YOUR MICHIGAN DIVORCE?

FACTORS FOR BUSINESS OWNERS TO CONSIDER IN DIVORCE

When small-business owners divorce, many factors must be considered to determine what will happen to the business ownership after the divorce, including:

  1. When was the business formed? If the business was formed before the marriage, it may not be considered marital property. Similarly, other assets are determined in this way too. But even if you formed the business before entering into the marriage, it could still be considered a marital asset if your spouse was involved in its operation.
  2. What is your spouse’s marital interest? Your spouse’s marital interest can be determined based on several things, including your spouse’s role in the business, the amount of time he or she contributed to the business operations.
  3. Was documentation in place that established the ownership interests? Small-business owners may avoid these problems by having a clear shareholder agreement in place. The easiest way to avoid problems with ownership is to establish clear definitions in a shareholder agreement during initial business formation.

Those are just some of the factors for how divorce affects small-business owners. For help with your specific business situation and the process of equitable division of assets, speak with an experienced divorce attorney.

Your divorce proceedings can be personally challenging, but it is important to approach them with a rational evaluation from an experienced lawyer, especially when your business is involved. Work with us at the Shaw Law Firm. We can help you stay on the right path.

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Thank you for visiting The Shaw Law Firm and we hope that will you come back again!

BUSINESS VALUATION FACTORS IN WASHTENAW COUNTY

To properly place value on a business, the parties must usually retain expert accountants or appraisers. There are so many variables, including:

  • Should it be valued as it would sell on the open market as a going concern?
  • Should value be assigned to various components of the business such as business good will, intellectual property, outstanding stock, inventory, real estate, equipment and so on, added together, less company debt and liability?
  • What if the success of the enterprise is largely dependent on the reputation, goodwill or unique skills of one of the spouses? What would happen to the value of the business if that spouse were no longer involved?

The Shaw Law Firm represents business owners and clients married to business owners in divorce in Northville, Canton, Plymouth, Ann Arbor  and throughout Michigan.

Let The Shaw Law Firm help you through the challenges of property division

Establishing or defending claims of property can be very complicated. Each case is unique. We work with a team of independent professionals to evaluate each case on the needs of your particular circumstances, to help determine your rights.

CONTACT AN A ATTORNEY AT THE SHAW LAW FIRM TODAY. WE OFFER FREE INITIAL CONSULTATIONS.

CALL US AT (248) 374-1800.