How Can I Protect a Family Business in Case of Divorce?
If you are the owner of a family business, you need to talk with Orange County family law attorneys about how to keep your company safe. You should talk to attorneys well before you actually get married so you can make smart decisions about how the business is structured. Your attorney can help you determine how to make certain that you don’t lose the company in the event that your marriage ever comes to an end.
If you are already married and you are in the process of dissolving your marriage, seeking legal advice is also imperative. Getting help is essential because you could find yourself with half of your company going to your ex if you don’t convince the court or your spouse to come to an alternative arrangement.
Brown & Charbonneau, LLP understands what is at stake when business owners get married or divorced. We can provide you with the advice you need to take smart steps to try to keep your company from falling into the hands of your ex. To find out more about how Orange County family law attorneys can help, give us a call today.
How to Protect Your Family Business In Case You Get Divorced
California is a community property state, and each spouse is entitled to an equal share of property and assets acquired during the course of the marriage- even if only one spouse is the one working or acquiring business assets. If you own a business or are planning to start one, you should be aware that it is possible your company or your ownership interest in it could be considered community property. This could raise complicated issues regarding what happens to the company in the event of a divorce.
You should try to address the issue of your family business before marriage if you want to do everything possible to ensure your company will remain safely in your hands and under your complete control in the event of a divorce. Depending upon how your company is structured, there could be risks if you don’t take the right actions prior to marriage.
You should work with an experienced attorney to try to negotiate a prenuptial agreement in which your soon-to-be spouse agrees (after full disclosure) that the company is yours and they will have no claim on it. If you follow formalities for negotiating and signing a prenup, the prenuptial agreement should be enforced in most cases during divorce.
If you do not have a prenup and your marriage is over, Orange County family law attorneys will help you to do everything possible to try to negotiate on the issue of the company. If you and your ex can come to an agreement without involving the court, it is often better for both of you. If it is your company and you want to remain involved in running it, you can work out a deal with your spouse that makes that possible. If no agreement can be reached, you’ll be forced to turn to the court and the court may determine your ex has the right to an ownership share.
How Orange County Family Law Attorneys Can Help
Orange County family law attorneys can help you in many important ways to keep your business safe. We can assist you in:
- Understanding how California Family Law treats the distribution of property when a marriage ends.
- Drafting a prenup or postnuptial agreement which allows you to keep your business protected.
- Negotiating with your ex so you can try to come to an agreement on property division which gives you the business.
- Presenting a convincing case in court to try to get the judge to award you the company as property is divided if you and your ex are not able to agree on property division on your own.
These are just a few of the many different tasks that you should consider getting legal help with. Your company may be a very valuable asset and you want to make certain that you do not lose control over the business because your marriage comes to an end. Planning ahead before marriage is the best way to protect the company, but Brown & Charbonneau, LLP can help you to take the best strategic approach to trying to protect your organization even if you are already involved in the divorce process.
Getting Help from Orange County Family Law Attorneys
Brown & Charbonneau, LLP has a long history providing assistance with prenuptial agreements and providing help with property issues in divorce. We have represented many business owners and we understand how much is at stake when the future of your company is affected by a divorce. To learn more about the ways in which we can assist you, give us a call at (866)237-8129 or contact us online to speak with Orange County family law attorneys who can assist you.