Business owner divorce can involve complex legal issues and heated disputes regarding assets, property division, and spousal percentage of business ownership. Therefore it is imperative a business is identified as separate property, marital property, or commingled property and valued correctly.
At the Schoenberg Family Law Group, P.C., our attorneys are:
- Experienced in business valuation and complex property division;
- Connected to an extensive network of business valuation experts; and
- Aggressive when defending the interests of business owners in divorce.
Contact the Schoenberg Family Law Group, P.C. to handle the sophisticated legal aspects of securing or dividing your business. You deserve the best representation available.
How Our Napa Business Owner Divorce Attorneys Can Help You
Let the Schoenberg Family Law Group, P.C. protect your legal rights and business assets throughout your divorce. Our business owner divorce attorneys will prepare the best case possible for you, whether that means:
- Hiring forensic accounting and business valuation experts;
- Reviewing your retirement assets and drafting qualified domestic relations orders (QDROs), correctly and according to guidelines;
- Helping you inventory any assets and debts; and
- Advising you of tax consequences regarding your decisions.
Speak with a business owner divorce attorney from the Schoenberg Family Law Group, P.C. to take charge of your divorce matter today.
Dividing a Business in Napa
California is a community property state. Therefore, business owners are subject to an equal division of their business interests in a divorce if those interests are marital property. Before any business division in a divorce, it must be determined if a business is community property or separate property.
Is the Business Community Property or Separate Property?
Assets and property acquired before marriage or after the date of separation are separate property. Any business started or acquired with marital assets is community property.
If a business began prior to marriage and continued after marriage, any increase in value is community property and should be apportioned appropriately. How the increase in value is assigned will depend on whether the business value increased due to the overall market or the labor and efforts of the other spouse.
Who Will Take Ownership of the Business?
If the business is a private practice like a law firm or medical practice, the spouse who is licensed to provide the services in the practice will retain control over the business. Otherwise, the business would fail.
When both spouses run a business, one spouse will likely need to prove they are the primary driving force behind the business to take ownership. Regardless, the business needs valuing, and any part of the business found to be marital will be divided by the court.
Valuation of the Business by a Certified Public Accountant
Valuing a business can require the help of a certified public accountant and other business professionals. Both present and future earnings, debts, and assets are considered to come to a determination.
Contact an Experienced Napa Business Owner Divorce Attorney
If you or your spouse owns a business and is facing a divorce in Napa, consult with an experienced business divorce owner attorney at the Schoenberg Family Law Group, P.C. We have decades of experience in multi-faceted divorce cases, including business valuations in California.
Schedule your appointment with a professional at the Schoenberg Family Law Group, P.C. today.