Business Owned Property and Divorce
Talented Denver Divorce Lawyer Assists Business Owners with Property Division
Even the most amicable divorce can involve issues that are complex, with the potential to have serious impacts on your future well being and financial security. When your case involves an individual, family, or jointly owned business, you need an experienced Denver divorce attorney you can trust to ensure the time and money you have invested in it are protected.
At Nicholas Family Law, we have over 30 years experience in representing business owners in high asset divorce cases involving shares in businesses and business owned properties. We provide the kind of aggressive, highly effective legal representation you need to defend your rights in any divorce settlements.
Business Ownership and Interest in Denver Divorce Proceedings
Under Section 14-10-113 of the Colorado Dissolution of Marriage Act, any marital property earned, acquired, or accumulated during your marriage is subject to the rules of equitable division. This means that rather than dividing everything evenly between you and your spouse, the court aims to divide property and assets in a way that is fair to both parties, depending on the circumstance surrounding the property and your marriage. Issues a judge is likely to consider in dividing a business include:
- Who is officially listed as owner of the business;
- Whether the concept of the business or the business itself was created prior to the marriage;
- Each spouse’s actual investment in the business, in terms of time, money, and ideas;
- Whether one of the spouses contributed to the business in more intangible ways, such as sacrificing their own career or educational interests.
At Nicholas Family Law, we will thoroughly review every aspect of your situation, gathering the evidence needed to support your cases. We can guide you through important considerations, such as obtaining an accurate business valuation and considering potential tax ramifications.
Dividing Your Business in A Divorce
INC. advises that the best way to protect your ownership rights and interests in a business is through pre and post marital agreements. Once you are already going through a separation, there are four basic options for dividing your business during divorce proceedings:
- Pay them off: Pay off a spouse’s share in a business by agreeing to give them a greater portion of other marital property and assets;
- Buy them out: Buy your spouse out with money you have saved or borrowed;
- Offer payments or shares: Through a property settlement note, you can buy your spouse out with payments stretched out over a period of time or offer them a greater share in future profits.
- Sell: Liquidating assets and selling the business is often the least favorable option, but it can allow you to start with a clean slate.
Let Our Denver Divorce Attorney Assist You
At Nicholas Family Law, you can trust our training, knowledge, and experience in handling complex divorce cases among high asset clients to guide you in making smart decisions, based on the law and your unique situation. Call or contact our office online and request a consultation with our Denver divorce attorney today. We provide the kind of fierce, aggressive legal representation needed to help ensure the most successful results in your case.