Colorado Attorney Assists Divorcing Couples Who Own a Business

As a business owner, you can expect a few different things from the divorce process than an individual who is employed by another owner’s company. All divorces involve the equitable distribution of the couple’s marital assets, which include small businesses operated by one or both parties and the couple’s business interests. This is often true even if the business-owning spouse was involved in his or her business before entering the marriage. When issues like small business interests and unique assets come into play, the couple faces a complex divorce.

How are Different Business Types Divided and Affected by Divorce?

There are a lot of factors that determine how a business is divided in your divorce. One of these is how your business is incorporated. Another is whether there are other partners involved in the business and if you have a business succession plan in place.

Our team will examine all relevant facts about your business to help you understand how it may be divided in your divorce. A few general facts to keep in mind:

How you Own your Business Determines How it is Handled in your Divorce

Do you actively or passively own your business? The answer can direct you toward the right way to handle it in your divorce. Does your spouse play an active role, a passive role, or no role at all in the business’ day-to-day operation? That, too, matters.

Restructuring the business can be a way for you both to remain involved in its operation while protecting your interests after the divorce. You might opt to become a passive partner while your former partner operates it or vice versa. You might instead choose to hire another party to manage it or you might opt to sell the business and split the profit.

Work with a Denver High Asset Family Attorney

High net worth couples have different needs than middle and lower class divorcing couples. To ensure that your interests are protected and promoted at all times, work with a divorce lawyer who has specific experience representing Colorado business owners. Contact Nicholas Family Law today to schedule your initial consultation in our office.