In our last post we began a discussion about the worries business professionals have when it comes to dividing their assets during divorce. If you have worked hard to keep your private practice going, it's only natural that you do not want to see it go under due to divorce.
Thankfully, there are many potential avenues that can be considered. First, if you owned the business before you got married, it might not even be considered marital property. On the other hand, if the business grew in value during marriage, a portion of that value may be subject to distribution. As we mentioned before, understanding the accurate values associated with the business, with the help of a business valuation specialist, can be extremely helpful in this process.
Another option, although maybe not ideal for some, would be to dissolve the business as part of the divorce. Whether this option is good will really depend on your individual circumstances. Finally, it's also important to see if any postnuptial or prenuptial agreements are in place. These documents can be invaluable when it comes to keeping a business intact.
For people who have worked for years to grow their business or practice, the financial aspect of divorce can be very critical. It can mean the difference between a business going under and a business that flourishes after divorce. Having experienced legal support can make a huge difference when it comes to the outcome of the divorce proceedings. An experienced professional can also help calm your fears throughout the process.