There are a multitude of small businesses here in San Diego and across Southern California. When their marriages are coming to an end a business owner or licensed professional has many important interests to protect. This is why you need the Certified Family Law Specialists at Burke & Domercq who have decades of experience serving small business owners in a divorce.
Those who own a small business or are part of a professional practice will face substantial decisions during their divorce. Our clients who are small business owners in a San Diego divorce are looking to minimize the impact of the divorce on the business itself while ensuring they keep their business interest post-divorce.
The facts associated with property characterization and division in California are the primary concern of small business owners in a San Diego divorce. If you started or acquired your business or professional practice during the course of your marriage it will be considered to be a community asset. Community assets must be equally divided in a San Diego divorce.
If you owned the business prior to your marriage do you have a prenuptial agreement which protects your business interests? Have you considered a postnuptial agreement to establish and protect your vital interests in this matter?
The community interest in the business must be established before the Court. This is based on a valuation which is usually conducted by an external expert. If each side hires their own expert there is often a lengthy dispute, mediation and ultimately litigation before the Court can establish the valuation of the community interest in the company. Agreeing upon a single financial valuation expert can save a lot of money and time and make the process easier while still providing influence over the course of the valuation.
Ultimately, you may need to offset part or all of your spouse’s interest in the company. Small business owners in a San Diego divorce may be able to exchange equity in the family home or even retirement assets to accomplish this. Our skilled attorneys are often able to negotiate spousal payments which allow you to maintain a profitable and viable business while taking time to acquire your former spouse’s marital interest.
You need proven, skilled Certified Family Law Specialists with extensive experience serving small business owners in a San Diego divorce. Protect your own interests and contact us or call 760-434-3330 to schedule an appointment for a remote or socially distanced consultation with one of our experienced Certified Family Law Specialists.