Gardner Divorce for Business Owners
If you’re facing a divorce, one of the most difficult components – other than issues related to your children – is the division of your marital property. If you are a business owner, this already complicated task becomes even more treacherous. If you are a business owner who’s going through a divorce, you need the professional legal counsel of an experienced Gardner divorce attorney.
Kansas: An Equitable Distribution State
Kansas is an equitable distribution state, which means that, in a divorce, your marital property will be divided in a way that is deemed equitable. This is not to say that it will be divided equally between the two of you. If you and your divorcing spouse can come to a mutual agreement related to equitably dividing your property, the court will likely accept your terms. If you can’t come to an agreement, however, the court will divide your property for you, and the court’s idea of equitable may be very different from your own.
Having a business can complicate the division of your marital property more than owning nearly any other asset for a variety of reasons that can include:
- If you both work at the business, you’re not only dividing an asset, but one of you will also likely be walking away without a job.
- Running a business is a labor of love that you pour yourself into. Walking away from such an important part of your life can be extremely difficult.
- Obtaining a business valuation that you both find acceptable can be exceedingly difficult because your motivations are naturally at odds. If you’re walking away from the business, you need an amount that’s going to help you start over. If your soon-to-be-ex is keeping the business, he or she naturally doesn’t want to pay an amount that’s going to jeopardize that business.
When it comes to divorce and business ownership, it’s imperative to consider your options from every angle before committing to a path forward.
The Value of Your Business
In the end, valuing even a small business can be exceedingly difficult. While coming to a mutual agreement regarding the division or your business is ideal (especially for smaller, less complicated enterprises), that’s not typically how it works. If your situation is more complicated, it’s in your best interest to work closely with a skilled divorce attorney with considerable experience in business law who will help you carefully analyze the worth of your business from every perspective.
If You Are a Business Owner Who Is facing Divorce, You Need the Professional Legal Counsel of an Experienced Gardner Divorce Attorney
Nothing complicates divorce financials like owning a business does, but the experienced divorce attorneys at Stockton & Stern, LLC in Gardner, Kansas, have the skill and commitment to help you. Our dedicated legal team has the knowledge and determination to aggressively advocate for divorce terms that protect your rights and that work for you. For more information, please don’t hesitate to contact us today.