Divorce and Your Business
Many married couples own and operate businesses together. For some, it works remarkably well; for others, not so much. In the case of divorce, matters of the heart tend to take center stage---but if you share business assets with your spouse, you may be equally or even more concerned about the potential financial and professional losses you could be facing.
While family law is complex and difficult to navigate without expert legal guidance, it is not impossible to protect your business assets following a divorce. One of the most common questions we receive, as family law experts, is “What happens to our business now that we’re divorcing?”
We have assisted many spouses and business partners in amicably splitting business assets and continue to live financially secure lives. Here are a few facts you may wish to know before contacting a divorce attorney.
What Am I Entitled To?
When divorcing your business partner, this is most likely going to be your first question. Michigan is a state where assets are divided as equitably as possible. This means that when you and your spouse share a business, you can be certain that business assets will be divided in a fair and equal manner.
What constitutes “fair and equal,” though, depends on a few different factors, including the length of the marriage, how much you contributed financially to the business, and your income level. If you have sufficient financial need and your spouse is much more secure, for instance, this will be taken into account.
The Principle of Equal Division
The so-called “principle of equal division” seems fair when you are the one receiving a greater sum of money. On the other hand, if you founded your business many years ago and brought your spouse into the fold within recent years, you may be frustrated that they are entitled to assets when they contributed relatively little in comparison to your years of hard work.
It is safe to assume that your spouse will seek legal representation, as is their right. You can also assume that your spouse’s attorney will attempt to secure as much as they can from the business as they can. If you wish to protect your assets and remain in control of your business, you should not hesitate to find your own Grand Rapids divorce attorney to assist you with this lengthy and tedious process.
No matter which side of the aisle you are on, the division of business assets during a divorce can be a frustrating part of the procedure. The only way to ensure you get what you deserve is by contacting a reputable and experienced family law attorney. At Striegle Law, we help divorcing couples harmoniously part ways and divide assets every day. We can help you, too.