If you are a proud business owner and are getting divorced, protecting your business is most likely a top priority. Our firm has handled many business owner divorces, and we are here to help you, too. Please continue reading and reach out to our experienced Massachusetts divorce attorney to learn more about divorce, how we can help you, and how you may protect your business from your divorce. Here are some of the questions you may have regarding the legal process ahead:
What is marital property?
When someone gets divorced, many of their assets will be up for what is known as equitable distribution. Those assets are marital assets, or assets acquired during the marriage. There are also “exempt” assets, which are assets acquired prior to or outside of marriage. Unfortunately, if you are a business owner, your business will most likely be treated as marital property, and will, therefore, be subjected to equitable distribution. Rather obviously, with your business at stake, you cannot afford to proceed without an experienced Bristol County divorce attorney at your side.
How will the courts value my business in Massachusetts?
When determining the value of your business, Massachusetts courts will ask you several different questions, and oftentimes may even appoint a financial investigator to make sure that you are telling the truth. You will have to submit various documentation to the courts, including your business revenue, your debts, your expenses, and more. If you are not truthful or leave out certain details, it may launch an investigation by the IRS. This is unacceptable, and our firm can help ensure you submit all the necessary documentation to prevent such a thing from happening.
What can business owners do to protect their businesses from divorce?
There are three primary documents you may use to protect your business. Prenuptial agreements, drafted before marriage, can state what will happen to your business, should you ever get divorced. Postnuptial agreements, on the other hand, serve the same purpose, though they are drafted after marriage. Finally, if you jointly own your business with your spouse, you may draft what is known as a shareholder agreement. If you have any additional questions, please do not hesitate to give our Bristol County divorce attorney a call today. We are here to help you through every step of the process ahead.
Contact our experienced Massachusetts firm
For over 30 years, The Law Offices of Cynthia L. Hanley, P.C. has provided quality legal support and representation for clients in Bristol County and all of Massachusetts. Our firm’s experience eases the stress of clients while providing the legal services they deserve. If you need help through a contested divorce, contact The Law Offices of Cynthia L. Hanley, P.C. for a consultation today.