If you are considering a divorce, it is important to understand how your business interests may be affected. Our Denver divorce attorneys can help you protect your interests during this difficult time. We understand the complex legal issues that can arise in a divorce involving a business or professional practice, and we will work diligently to ensure that your rights are fully protected. Let us help you get through this challenging process with as little stress as possible. Contact us today to schedule a consultation.
Dividing Business Interests in a Denver Divorce
Colorado is an equitable distribution state, which means that assets and debts are divided fairly between divorcing spouses. However, what is considered “fair” may not be equal. When it comes to dividing business interests in a Denver divorce, the court will consider the following factors:
- The contribution of each spouse to the business
- The value of the business
- The economic circumstances of each spouse
- The needs of each spouse and any minor children
Dealing with Business Interests in a Denver Divorce
Colorado is an equitable distribution state, which means that assets and debts are divided fairly between divorcing spouses. However, what is considered “fair” may not be equal. When it comes to addressing business interests in a Denver divorce, One challenge is that the business often cannot actually be divided like might happen with a bank account. If one spouse operates a business and the other is not involved, it usually makes sense for the person who runs the business to continue doing so. However, the challenge will then be to figure out what the business is worth and how to compensate the other spouse for a share of that value. If both spouses work in the business, it may be necessary to figure out if it can be divided or if one spouse has other employment options. On rare occasions, divorcing spouses may choose to remain in business together, but that is certainly not common.
Protecting Your Business Interests in a Divorce
A divorce can be a trying time for any business owner. Not only are you dealing with the personal and emotional effects of the dissolution of your marriage, but you also have to think about how to protect your business interests. Here are three tips to help you navigate the divorce process and protect your finances and business interests.
Hire an Experienced Divorce Attorney
This may seem like an obvious first step, but it’s one that cannot be overemphasized. An experienced divorce attorney will not only be able to advise you on the best way to protect your interests, but they will also be able to negotiate on your behalf and fight for what’s rightfully yours.
Keep Detailed Financial Records
One of the first things your divorce attorney is going to ask for are financial records. This includes not only tax returns, bank statements, credit card statements, but also Profit and Loss statements, Balance Sheets, general ledgers and anything else that can provide insight into the financial status of your business. Keeping detailed financial records will save you a lot of time and headache down the road.
Be Prepared to Negotiate
Many people involved in a business or professional practice are shocked to learn that the business likely has a value for divorce purposes, even if it cannot be sold, or if you have partners who also own a piece of the business. If you want to protect your business interests, you need to be prepared to negotiate. This means being realistic about what you can and cannot achieve in the divorce. It also means being honest about your financial situation.
Getting divorced is never easy, but it can be especially difficult if you own a business. There are a lot of moving parts and factors to consider, but with careful planning and forethought, you can minimize the impact on both yourself and your company.
Hire Hogan Omidi, PC, To Protect Your Business Interests When Getting Divorced
If you’re considering a divorce in Denver and you have business interests, you may be wondering what will happen to those interests during the divorce process. The good news is that with the help of a qualified divorce attorney, you can have accurate information about how the process works and excellent advice about the options to consider. Here’s why you should work with us:
When it’s possible, we resolve divorce and family matters through out-of-court negotiations or alternative dispute resolution. This approach is usually less expensive and quicker than going to trial. It also allows the parties to maintain control over the outcome, rather than have a judge decide the case.
One alternative dispute resolution (ADR) method is mediation. In mediation, a trained mediator helps the parties and their lawyers reach a negotiated agreement.
Preparing for Trial
We are always prepared to trial. This gives us leverage to protect your interests during negotiations and also keeps us a step ahead in contested proceedings.
Our clients include executives at Fortune 500 companies, doctors and lawyers, professional athletes and entertainers, owners of businesses of all sizes, landlords and others with significant assets they want to protect. We understand that every client’s situation is unique, and we tailor our representation accordingly.
To learn more about how we can help you, contact us to schedule a consultation.