Virginia Family Law Firm Will Help You Protect Your Business From Being Lost in a Divorce
Arlington, Virginia Divorce Attorney a Strong Advocate for Clients
Virginia is one of over 40 states that has adopted an equitable distribution law for dividing marital assets and debts in divorce, and state law requires that property and debts, including a family business, be classified as marital, separate, or part marital and part separate. Marital property is often divided 50/50 in Virginia, and a business well might be a part of that division.
Take a Full Inventory of Your Business Before a Divorce
In preparation for divorce, as a business owner you should take a full inventory of your business, including but not limited to:
- Bank accounts
- Physical assets
- Investments
- Property
- Employees
Many small family businesses begin as an idea shared by both spouses, and even though one of you might currently be more involved in the business, the legal documentation might still reflect both spouses as joint stakeholders and decision makers. If your business is completely separated from your personal assets and you make business transactions exclusively from the business account, it might be easier to separate your business assets from that of your spouse’s.
If you buy out your spouse’s interest in your business before the divorce, they will technically have to relinquish any financial interest they may have had in the business, although they may still make an argument in court requesting their fair share. Another way to avoid giving up half your business is to negotiate with your spouse (with the help of an experienced divorce attorney) and offer to give them other property to even out the split, allowing you to retain control of your business. Anything you can do to proactively protect your business will likely pay dividends in the long run.
Contact an Experienced Virginia Family Law Attorney Today
If you have worked hard to build your business and don’t want to lose it in a divorce, call Claudia Zucker, an attorney who been practicing family law in the state of Virginia for more than 20 years. Contact us online or call (703) 596-1005 to set up your initial consultation with Attorney Zucker today.
