The California Divorce Process for Business Owners
Filing for divorce in the State of California can be difficult enough without having to address challenging matters. In every marital dissolution case, property division must be resolved, and the matter can become even more challenging when complex property is involved. One factor that can make any divorce more difficult is when one or both parties own a business. With over a decade of experience in family law matters, RM Law Group, LLP can provide effective legal representation in your case. When you own a business and are facing divorce, RM Law Group, LLP can advocate for your rights and interests.
RM Law Group, LLP provides proficient legal representation in divorce cases involving challenging property division. With multiple offices conveniently located throughout Southern California, RM Law Group, LLP has the resources necessary to help you navigate the complexities of your case. Consider obtaining the qualified support of RM Law Group, LLP. You can call 888-765-2902 or complete the form found here to arrange a no-obligation consultation today.
Dividing a Business in Divorce
Concerning property division in a divorce filed in California, businesses will be deemed assets and will therefore be subject to property division. Based on state law, all community property should be divided and allocated as equally as possible before the divorce can be finalized. Community property refers to all of the property and assets acquired during the marriage but before the legal separation. It is important to note that while the business might have been started before the marriage, the increased value and growth of the business will be considered community property and will need to be divided as such during the divorce.
Business owners who are facing divorce should consider the following options:
- Selling the business and dividing the proceeds between the parties,
- Having one party buyout the other party’s business interests,
- Keeping the business ownership but giving the other party more property and assets of similar value in return, and
- Continuing to run the company together and continue to share equal ownership of the business.
The final decision on how to handle this dilemma will vary depending on the specifics of each individual case. When owning a company with others, legal contracts may also exist, which should be taken into consideration as well.
Hire the Support of a Skilled Family Law Firm
The effects of a divorce can have a lasting impression, especially when the matter involves family-owned businesses. The consequences of property division have the potential to change the trajectory of a family; consequently, it is important to obtain the legal support of a skilled family law attorney that will fight for the interests of the client.
At RM Law Group, LLP, the divorce attorneys are exceptionally versed in providing effective legal representation in cases involving complex property division. When facing divorce in California, obtain the support of a qualified law firm you can depend on to protect your rights and interests – consider hiring RM Law Group, LLP. Schedule your no-obligation consultation with the law firm today.
Jason Martinez is a co-founding partner of RM Law Group, LLP. His practice focuses exclusively on California Family Law and community property division, including litigation and settlement of complex and high-conflict divorce and child custody proceedings. Jason understands that divorce and family law issues have long-term effects on all family members, especially the children.
