If you own a successful business, and you’re going through a divorce, you’re no doubt worried about how your business assets will be divided during the dissolution of your marriage. Assets and earnings acquired following the day you said “I do” will be considered a part of your marital estate. This means that your soon-to-be-ex likely has the legal right to acquire part ownership of your business in your divorce proceedings.
Even if you started your business before you got married, it may still be a part of your marital estate — at least partially. As a part of your divorce process, you’ll need to determine the value of your business prior to marriage, and the current value of your business. If the business is worth more now than it was prior to marriage, that increase in value will be part of what’s divisible during your divorce process.
As you can see, the valuation of your business will be a key element during the asset division process as it relates to your divorce. If you hope to maintain sole ownership of your business and its assets, you may need to buy your ex out of his or her share. This could require a bank loan if you don’t have sufficient capital available.
At the Law Office of Steven C. Girskey, we help Tennessee business owners navigate their divorce proceedings in order to protect their property rights during asset division. We will do everything in our power to make sure that you are treated fairly during the dissolution of your marriage.