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Is My Ex Entitled to Half My Business When We Divorce?

Is My Ex Entitled to Half My Business When We Divorce?

When it comes to divorce and your thriving business, the word “half” is terrifying. Will your ex get half of everything? Will they get half of your savings? Will they get half of your assets? Will they get half of your business? And if so, how can you possibly manage that without losing everything? For business owners, there’s one question that is more terrifying than all the rest, “Is my ex entitled to half of my business if we divorce?” In fact, it’s so terrifying for many that they avoid divorce because of the issue.

Business owners living in fear of losing “half” due to divorce worry that their business won’t be able to survive with half of its value being pulled in another direction. They worry that they can’t afford to pay that high of a price to their spouse due to a divorce. Many find themselves attempting to do something foolish in order to avoid losing their business like cooking the books or tanking the business temporarily in order to make it appear less profitable or less valuable.

If you find yourself in panic mode about losing half of your business – STOP! Take a deep breath and remind yourself that you don’t have any real answers yet because you haven’t yet been in touch with an Arizona divorce attorney who can provide you with the real information that you need. You aren’t the first business owner to find yourself in this fearful situation. And you won’t be the last. And, regardless of all the urban myths you’ve heard, most don’t lose their business when they get divorced. Don't do anything foolish. Retain an experienced Arizona divorce lawyer.

If you are getting divorced, your business is an asset and should be characterized and valued. This will play a big part in the determination of what your ex is entitled to from your business. If your business predates the marriage, it will probably have a separate property part to it. Discuss this issue with your divorce attorney and have the following info on hand. The following information will be some of the factors in determining a separate versus community part of a business predating marriage:

When was the business started?

How long before the marriage was the business started?

What were the assets/profitability of the business prior to the marriage?

What was the value of the business at the time of the marriage?

Has the business become more valuable or less valuable during the time of the marriage?

How much of the change in value resulted from community efforts versus market conditions?

If you have more questions regarding your business and how getting divorced will affect your ability to sustain its functioning on a day-to-day basis, contact Arizona Family Law Attorneys.

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