Many of our more regular readers are probably becoming familiar with all of the issues that can come up in a divorce involving complex property division. In almost every divorce asset division is one of the touchiest issues, ranking right up there with child support arguments and child custody disputes. However, for some couples the division of marital property involves greater concerns that just who gets the house and who gets the car. For some, the assets at the heart of property division are business assets.
A recent article noted that there are many different ways to come to terms on the fair management of business assets during a divorce. If a couple co-founded a business, oftentimes one spouse will want to continue working and operating the business, while arranging for the other spouse to take a share of the profits. The most amicable of couples can even continue to work side-by-side as they have always done, with the best interest of the future of the business at heart. But, for many couples, coming to a clean break is what is needed.
If a couple hasn’t worked out what would happen with their business in the terms of either a pre- or post-nuptial agreement, hammering out the details during divorce negotiations can be very tricky indeed. Many people put more stock into a company that they have built from the ground up than just the data and dollar figures – there is sentimental value to be considered as well.
For starters, most couples who find themselves in this type of situation will probably want to get a fair valuation of what they are dealing with in their company. After this process one spouse may decide that staying involved in the business isn’t in their best interests.
Source: Bdaily, “Are your company’s assets safe in divorce?,” Emma Hignett, July 3, 2013