Do I have to give up half of my business in a divorce? Many business owners and licensed professionals are justifiably concerned when approaching a divorce in North County or Carlsbad. How will your business or professional practice be handled during the divorce? What is the best strategy to protect your interests and the ongoing success of the business or professional practice?
A divorce which involves a business or professional practice is complex and requires experience, expertise and legal skill. The Certified Family Law Specialists at Burke & Domercq, APC have represented business owners and licensed professionals before North County’s family law courts for decades. Our attorneys have received some of the highest recognition the legal industry has to offer. You can entrust your divorce to our experienced and seasoned attorneys.
The primary issues focus upon the nature and valuation of the business asset(s) and whether they are community property, separate property or a blend of the two. Have community funds, assets or personal services been offered to form or support the business? If you owned the business or professional practice prior to marriage but have supported it with marital funds to what extent has this commingled the nature of this asset? If the business or professional practice is commingled or a community property asset it must be divided according to California law.
We are often asked “Do I have to give up half of my business in a divorce?” Each case is unique. Generally speaking the community interest in the business or professional practice must be divided between the parties. This is usually accomplished by offsetting your spouse’s community interest in the business or practice with other community property such as investments or equity in the family home. Valuation is a complex legal process and this can be one of the most contentious issues in a North County or Carlsbad divorce.
This is why it is important to work with the experienced and proven Certified Family Law Specialists at Burke & Domercq, APC. We invite you to review the recommendations of our clients and contact us or call 760-434-3330 to schedule an appointment to discuss your business and the best strategy to protect your interests in a coming divorce.