One of the most challenging assets to divide during a divorce is a small business. If you and your former partner started a business together, or if you started your business before your marriage, but are concerned about how your divorce might impact your small business, the Hayes Law Firm Upstate Attorneys, LLC is a divorce lawyer in Greenville, South Carolina who can help you navigate the various ways that your divorce can impact your small business. For many small business owners, their small business means so much more than an income or a living. You may have spent many years growing your business from the ground up. Our family law attorneys can review your situation and help you understand your options when it comes to navigating your divorce and making decisions about your small business.
How Can Divorce Impact My Small Business in Greenville, South Carolina?
Divorce can impact your small business in many ways in Greenville and the Upstate of South Carolina. How exactly it will impact your business will depend largely on when you started your business, whether you started your business with your former spouse, and whether you put in place legal structures or a prenuptial agreement to protect your business interests. The Hayes Law Firm Upstate Attorneys, LLC is a family lawyer in Greenville, South Carolina who can help you understand how divorce might impact your small business. What are some ways in which divorce can impact your company?
- If you started the business before you were married you may be able to keep the business. However, your former partner may be entitled to receive compensation for any growth that the business might have sustained while you were married. The courts might consider any increase in value to your company as a marital asset, which may mean that you might have to compensate your former spouse for this increase during the split of your assets and property. In some cases, individuals protect their business by either structuring it in such a way that they make clear which assets belong to the business and which are marital property or they have a prenuptial agreement in place that makes clear that the business should be considered separate property in the event of a divorce. The Hayes Law Firm Upstate Attorneys, LLC is a family lawyer in Greenville, South Carolina who may be able to assist you with your divorce if you have a prenuptial agreement, have structured your business to protect it during divorce, or if you have questions about protecting your business interests during your divorce.
- If you started the business after you were married, both you and your former spouse may be entitled to receive a portion of your business profits and both of you may have an ongoing interest in the business. The options you have in this situation varies. For example, you may be able to split your business if your business is more of a partnership. Sometimes, with the assistance of a divorce lawyer and business lawyer, former couples are able to reach a clean split. If your business cannot be easily divided, sometimes one partner may receive shares in the company or both partners will continue to run the business together after their divorce. If this is what you choose to do, you may need to develop a clear business plan during your divorce. In other cases, one party wants to maintain control of the business. One partner in the marriage may buy out the other partner’s share in the business. For example, if your former partner’s only share in the business is its increase in value, then it may be possible to divide assets in such a way that fairly splits the business so that one partner can continue to run the business while the other party receives his or her fair share of the marital stake in the business. Sometimes, a divorce agreement includes a split of property that accounts for a business’s value, so that one partner can keep the business while the other partner keeps more of the marital assets. Splitting a business can be complex. You may need to have an appraisal of the business or evaluate how much in value the business has grown since you were married. The Hayes Law Firm Upstate Attorneys, LLC are divorce lawyers in Greenville, South Carolina who may be able to assist you with navigating divorce and your small business.
These are some of the ways that your small business may be divided during your divorce. At the end of the day, it is important to understand your rights and options under the law. The Hayes Law Firm Upstate Attorneys, LLC are family lawyers in Greenville, South Carolina who may be able to assist you with your case and help you find a resolution that works for you and your business. Contact us today!