It might come as no surprise that the idea of preparing to divide marital wealth can be one of the most intimidating aspects of dissolving a marriage. Regardless of the level of wealth you and your soon-to-be ex-spouse possess, you may face a variety of difficult decisions when creating a strategy for this aspect of the process.
However, things may become more challenging if there are complex assets involved, such as a business. There may be a variety of factors that might determine the role your company could play during divorce proceedings, and knowing what to expect from this process could be vital to protecting the longevity of your Arizona business.
Possible topics to address
The options to help protect your business interests during the end of a marriage may depend on the variables present in your situation. Some common topics to consider regarding business assets in a divorce may include:
- Marital or separate: Determining whether your business is marital or separate property may prove integral to knowing whether it will be subject to the process of property division.
- Existing agreements: Prenuptial and postnuptial agreements can include terms concerning how to handle business assets in a divorce. Reviewing existing agreements could be vital to knowing your options.
- Spouse’s role in operations: Even if your business is a separate asset, if your soon-to-be former spouse worked for you and contributed to the success of the business, he or she may be entitled to a portion thereof.
- Business partners: It may also be vital to address topics such as whether there are any business partners involved and if the partnership agreement includes buy-sell arrangements, as this could influence how the process will unfold.
Knowing how to properly value business assets and understanding all your available options regarding the future of the endeavor may also be integral to making informed decisions about your situation.
Understanding your options
Businesses are a common type of complex asset that could play a significant role during the end of a marriage. Seeking guidance on every factor to consider regarding this asset could help provide you with insight on what is at stake and help you prepare to carefully explore all your available options. This could also help place you in a better position to determine what is most important to your life and help you develop a strategy for legal proceedings that meets your wishes and needs for the future.
