Divorces can be stressful and messy. When you co-own a business with your spouse, things are even more complicated.
If you are concerned about what will happen to your business once your marriage ends, enlist the help of an experienced divorce attorney. A Chattanooga business divorce lawyer could be a loyal ally and help you protect your investment in your business.
The time it takes for a couple who own a business together to divorce will vary based on the size and the type of the business. A business could be registered as a:
The category that a divorcing couple’s business falls under is a factor that will impact the length of the legal proceedings. If a couple owns a small business that is not registered under any of the above categories, it could take significantly more time to hash things out in a divorce.
All that said, it could take anywhere from six months to two years; however, the key complicating factor is how well or poorly a business is organized. The better organized the business, the quicker the divorce can proceed, as a seasoned Chattanooga business divorce attorney could affirm.
As with any type of divorce, a Chattanooga court must first determine what property is separate and what is joint. To do that, they look at whether the property was accumulated during the marriage and if it was accumulated for the marriage. They also review whether there has been any mixing and mingling of proceeds from the asset between the couple. Finally, the court makes a final determination, valuates, and divides the property between the two parties.
One of the advantages of enlisting the help of an experienced business owner divorce lawyer in Chattanooga is gaining access to a local network of certified business valuators. These experts will thoroughly value the business and prepare a report that includes various elements, such as the:
Then, they will make a recommendation of how the assets of the business should be divided between the couple, which could be used in court. Some of the most common ways to valuate a business include:
A knowledgeable Chattanooga business owner divorce lawyer could discuss each valuation method with a couple to determine what approach best suits their situation.
You put a lot of time and money into building a successful business, and you do not want to see all your hard work lost in a divorce.
Allow a Chattanooga business divorce lawyer to guide you through the legal process. They could connect you with a certified business valuator to ensure you receive a fair valuation, and they could fight for your share of the business in court if necessary. Call today to set up an initial consultation.