Business owners who divorce their spouses face the possibility that their ownership interests might be treated as marital property subject to an equitable distribution. If you are in this situation, the court may award your spouse a share of your business, which means having to run your operation while giving your ex-spouse part of the profits. Or, you may have to buy out your spouse or sell the business to an outsider. The attorneys at The Henry Law Firm, P.A. are sensitive to these issues and will work aggressively to protect your stake in the business from those dangers.
If you own or partly own a business, you need not and should not wait until you are amid a divorce before acting to protect it. There are several precautionary measures available, including:
As your counsel, the attorneys at The Henry Law Firm, P.A. will fully investigate your business circumstances, advise you on all of your potential options and execute the measures best suited to achieving your objectives.
If you do not pre-plan to protect your business, it is still possible to shield it during an equitable distribution. The attorneys at The Henry Law Firm, P.A. will make an evidentiary case to minimize your spouse’s interest in the business and its assets. It may be advisable to arrange a buy out of your spouse’s interest. If you have sufficient independent assets to off-set the business’s value, we might be able to reach an agreement to designate the entire business as yours during equitable distribution. Finally, if there is a valid dispute as to how the business should be appraised, we will seek to adopt the method most favorable to protecting your interests.
The attorneys at The Henry Law Firm, P.A., in Overland Park, Kansas, can help you protect your business from the effects of divorce, both before and after proceedings have been commenced. Call us at 913-381-5020 or contact us online to schedule a consultation.