If you have a small business, the business you built yourself from the ground up is likely your most valuable asset. Yet, for many entrepreneurs, your small business is so much more than the money you earn; it is the result of years of hard work. If you are getting divorced, however, there are many ways in which your divorce can impact your small business. Ballard Law, PLLC is a divorce lawyer in Jackson, Mississippi that can help you understand how divorce might impact your small business. Contact us today to help you understand your options and navigate a divorce settlement that will work for your family and your business. When you own a business, divorce can be more complicated. Ballard Law, PLLC can help.
Possible Ways Divorce Can Impact Your Small Business
How divorce will impact your small business will depend largely on how you have structured your business and whether you have a prenuptial agreement in place. Whether you started your small business before you were married or after you were married will also impact how divorce will affect your small business. Here are some possible outcomes and solutions regarding small business and your divorce:
- One partner keeps the business. If you owned the business prior to your marriage, structured your business in such a way that you received a regular salary from your business, or drafted a prenuptial agreement that specifically made it clear that your business was to be considered separate property, you may be able to keep your business during your divorce.
- One partner compensates the other for increased valuation in the business. There are many possible circumstances where your former partner may have an interest in your small business. For example, if both parties in the marriage contributed to the growth of the business or if both parties established the business during the marriage, you may both have a shared stake in the business during your divorce. If this is the case, you may need to have your business appraised. Or, you and your former partner may need to reach an agreement about how much your business is worth. One partner may be able to buy out the other partner’s interest, either through property or cash during the division of property and assets in your divorce.
- Both parties continue to run the business together. Sometimes it is not possible to buy out your former partner. In some cases, both parties may choose to run their business together. Or, one partner may run the business with the other partner getting shares in the profits. How you structure your co-ownership of your business after your divorce may require the consultation of divorce attorneys and business lawyers. Ballard Law, PLLC is a divorce lawyer in Jackson, Mississippi who may be able to help you navigate your divorce when a small business is one of your assets.
- Divide the Business. If your business is more of a partnership, you may be able to split your business during your divorce. Business divorce and marital divorce can be complex. Sometimes couples may need the assistance of a business lawyer as well as a divorce lawyer if they plan to split their business during their divorce. Ballard Law, PLLC is a divorce lawyer who can review your situation and help you with splitting your assets during your divorce.
These are some of the options that may be available to you if you are getting divorced and own a business. Whether you co-owned the business with your partner, started the business before you were married, or started the business after you were married, divorce can have major implications for your business and your assets. Ballard Law, PLLC are divorce lawyers in Jackson, Mississippi who may be able to assist you with navigating the ways that divorce can impact your assets, your investments, and your business.
Get Divorce Help Today
Divorce can be one of the most emotional decisions you might ever make. But it is also a legal and financial process that can impact all aspects of your life. If you own a business or if you and your former partner started a business together during your marriage, divorce can have major implications for your business. The decisions you make during your divorce can have an effect on the future of your business. It is often best to get legal advice as you navigate your divorce.
Before filing for divorce in Jackson, Mississippi, it is important to be informed about your options and rights regarding how divorce might impact your business. Ballard Law, PLLC is a divorce lawyer who can work with you and your former spouse to find a resolution that protects your business. Contact our attorneys today to learn more about how we may be able to help you.