How Divorce Affects a Business
- posted: Feb. 12, 2014
Owning a business or any portion of a company can complicate a divorce. However, a skilled family law attorney, who is familiar with business issues, can navigate the legal field without affecting the day to day operations of a business.
In a divorce, the Judge must distribute marital property. Marital property can be a variety of things, but may include goodwill in a business or an identifiable share in a business. When going through a divorce in Virginia, the lawyers at The Daugherty Law Firm will work to ensure that your business or your spouse’s business is valued and the assets are appraised accurately and income is reported correctly prior to any consideration by the Court.
Through the divorce process, the distribution of the marital share of a business will be decided in one of two ways:
(1) Settlement: While awaiting a trial, often parties engage in negotiations to settle issues that the court will consider if the parties are unable to settle the matter. The Daugherty Law Firm, P.C. analyzes each issue with their client and explains the pros and cons of various settlement options. One way the property interest of a business may be settled pursuant to a divorce is through a buyout of the marital share. This is one option, among many, that The Daugherty Law Firm will review with you to ensure that you can make an informed decision regarding settling your case or pursuing trial.
(2) Trial: At trial, the Judge will hear evidence relevant to factors pertaining to the distribution of marital property. The lawyers at The Daugherty Law Firm, P.C. are experienced trial attorneys who will work tirelessly and consult various experts, such as Certified Public Accountants, to ensure all facts are presented to the Court in a light favorable to our client.
If you or your spouse is a self-employed entrepreneur or professional and your marriage is in trouble, it is very important to protect your financial assets and seek advice and guidance from experienced Virginia divorce attorneys. We successfully serve clients in Manassas, Prince William County, Fairfax County, Loudoun County, Fauquier County, Stafford County and other areas throughout Northern Virginia.