Prior to getting involved with your current spouse, you’d set up your own business. They came to work for you as your employee, and later on, many events led to you both getting married.
Today, your spouse is an important part of your business, but with a divorce on the horizon, you’re scared that you’re going to lose the business that you once put so much time and effort into starting. What should you do?
To start with, be realistic about your business and your divorce. For example, if your spouse has always worked hard for the business and has been there nearly since the beginning, it may be fair to split profits or to buy them out of the business. If they’ve only recently starting to take on a role with the business, then you might push more toward keeping the business for yourself and considering trading other assets in exchange.
Know the law
In California, divorces are ruled by community property laws. In community property states, all marital assets are divided equally. This might mean that you want to sell your business and split the profits or that you trade other assets to your spouse to maintain the business yourself. It’s a complex situation to deal with, so if your business falls into the marital asset category, you will want to reach out to your attorney for more help.
Our site has more on community property and high-asset divorces. You may have a lot of money and hard work put at stake during your divorce, but the right help can protect your interests.