Starting and running a successful business is a highly rewarding experience. The sweat and tears that go into such an endeavor can take a toll on anyone mentally. That is why spouses might decide to enter into a joint partnership to help with the running of the business. Complications on who gets what could arise in the event of a divorce. A couple might divorce when the business is doing exceptionally well. That is why it will be a good idea to look for a divorce attorney Mesa so that there are no grey areas when it comes to subsequent ownership after the assets have been divided.
This will depend on the living status of the divorcing couple. In the states of Arizona, all assets and debts that were acquired during the matrimonial union should be split evenly in the event of a divorce. The spouses can mutually agree on the division of property but the court could step in when there wrangles. If the business is a gift or an inheritance, it could be considered separate property even if it was transferred during the marriage.
A spouse could have a valid claim to the business even if the other partner established it before the marriage. It is possible that a spouse might have played a contributing role in the growth and success of the business. You should be reaching out to a local divorce attorney when your business gets involved with community assets. Even if the separate asset gets commingled, it doesn’t necessarily mean that it should be split 50/50. The court can decide to assign the spouse assets on a pro-rata shared system.
The business will need to be carefully valued for the purposes of asset division. It is imperative that the spouses are hiring the services of a forensic accountant in order to come up with the true value of the business. The accountant will look at the tax returns, P&L statements, and financial reports for the real value of the business to be assigned. The business will also be compared to similar ones in the locality in order to have an accurate assessment of the value. For businesses with significant value, it is advisable to get in touch with a family law lawyer to help with the valuation. The attorney can also assist with the divorce negotiations as they’ll be in a better position having determined the value of the business.
There are not a lot of options in dealing with a family business in case of divorce. It is possible for the business to be shut down if the spouses can’t reach an agreement on the division of assets. At Jensen Family Law, you can expect a free consultation so that you’re aware of all your options. For more information, you can check out https://www.familylawattorneymesaaz.net/
Jensen Family Law – Mesa
Address: 3740 E Southern Ave Suite 210 Mesa AZ 85206
Phone: (480) 999-2321
Jensen Family Law in Mesa is located on 3740 E Southern Ave Suite 210, 85206 Mesa, Arizona. From Phoenix Sky Harbor International Airport (PHX), Take S 41st St to E Sky Harbor Blvd, then Head west on E Sky Harbor Blvd and Use the left lane to take the exit toward S 41st St. Then Turn right onto S 41st St. After that, Continue straight to stay on S 41st St, then Take AZ-202 Loop E, AZ-101 Loop S and US-60 E to S Val Vista Dr in Mesa. Take exit 184 from US-60 E after that Merge onto E Sky Harbor Blvd, then Use the left 2 lanes to merge onto AZ-202 Loop E toward Tempe/Mesa and Use the right 3 lanes to take exit 9 to Merge onto AZ-101 Loop S. After that, Use the right 2 lanes to take exit 55A-B to merge onto US-60 E toward Globe, then Take exit 184 for Val Vista Dr. Then Continue on S Val Vista Dr to your destination and Turn left onto S Val Vista Dr. Turn right onto E Southern Ave, then Turn left and Destination will be on the right.
We’re open 9AM – 5PM Monday – Friday and we are closed on Saturday and Sunday.
For additional questions you can call us at (480) 999-2321 ro you can find us on Yelp.