Own A Business? Let Us Help You Protect It During Divorce.
If you own and operate and business, you understand just how much work it takes to make a business survive and thrive. Unfortunately, your hard work and sacrifice could be jeopardized by a threat that few business owners plan for: divorce.
Because of Indiana’s property division laws, your business could be at risk unless you take steps to protect it during and after divorce. The best way to do so is to work with experienced family law attorneys like those at Miller Sachs & Hess, PC We have a strong track record of delivering positive results for our divorce clients, including business owners and other high-income professionals.
Why Are Closely Held Businesses Subject To Division In Divorce?
Like most states, Indiana uses the “equitable distribution” model in matters of property division. This means that all assets considered marital property need to be divided equitably (which is not always the same as equally).
Unless you took steps to protect it in a prenuptial agreement, a closely held business will typically be considered marital property, even if your spouse plays no role in day-to-day operations. This means it, too, is subject to division in divorce. And because the business is a high-value asset, you shouldn’t count on your spouse being willing to forgo their share.
What Our Attorneys Can Do For You And Your Business
Addressing your business as a marital asset starts with a thorough and accurate appraisal of its value. We work with qualified appraisers and other financial professionals, when necessary, to account for all business assets and to determine each spouse’s ownership stake.
What becomes of your business will depend on numerous factors, including your spouse’s role in its operations. Ideally, you would be solely responsible for daily operations, and your spouse would have no interest in participating. In such cases, protecting your business could be as simple as trading away other assets of equal value to your spouse’s ownership stake
If you and your spouse run the business together, things become slightly more complicated. Assuming that you won’t want to keep working together, you have a number of options for what to do with this asset, including:
- One spouse buying out the other’s stake and continuing operations alone
- Dissolving the business and splitting its assets
- Selling the business to a third party and splitting the proceeds
Whatever you decide to do, our attorneys will be there to help you achieve your goals for the business and ensure that you have the financial resources you need post-divorce.
Discuss Your Divorce Needs With Our Experienced Family Law Attorneys
From our office in Crown Point, Miller Sachs & Hess, PC, serves clients in Lake County and surrounding areas of Indiana. To schedule your initial consultation with one of our knowledgeable divorce attorneys, send us a message online or call 219-227-4259.