Co-Owned Businesses Divided in Columbia Divorce Proceedings
If you and your spouse started a business together, and you have now filed for divorce, you may wonder what will happen to the venture you helped found. If you and your spouse do not come to an agreement on how the business will be handled before going to family court with your divorce, then the court will divide the business as evenly as possible.
This means that an accurate business valuation will be important. Family court will consider the fair market value of the business, based on:
- The net asset value of the business;
- The fair market value for any stock tied to the business;
- The earning or investment value of the business.
South Carolina Divorces Can Hurt Business Interests
If you and your spouse agree on the value of the business, then divorce proceedings to divide up that property will not be complicated. However, emotional tension runs high so often when a romantic relationship has ended that you could face a legal battle for your business interests.
Part of the procedure will likely involve gathering the paperwork for the business, but the other side of the divorce proceeding will involve arguing for your fair share. You put a great deal of time and effort into the business and it is important that you receive fair compensation for that, or that you are able to keep the livelihood you care about going.
My Business Is Under Threat Because of My Divorce!
If you face a threat to the business you started with your spouse because you have filed for divorce, the South Carolina divorce attorneys at the Strom Law Firm can help. Please call us to schedule a consultation to discuss your divorce filing, and any property you value, including your business, that may get caught up in the process. Contact us today for help. 803.252.4800
Soldiers and Military Divorce in Spartanburg
If you are a member of the military, and your spouse files for divorce, many of the proceedings in South Carolina will be the same as civilian proceedings. For example, grounds for divorce are the same for civilians as for soldiers. However, there are some differences in the divorce proceedings, and if you are a serviceman or woman then it will be important to understand your rights during a divorce.
For example, if you are on active duty and are overseas, while your spouse resides in South Carolina, there are protections for you to prevent “default” divorce. Your divorce proceeding can be postponed for the entire time you are on active duty, so that you can be present to argue your rights in court during the divorce. You do not have to just go along with the process while also trying to serve your country.
South Carolina Military Divorce Proceedings Matter
Along with specific South Carolina property division laws, the federal government also protects military servicemen and women during divorce proceedings. The Uniformed Services Former Spouses’ Protection Act (USFSPA) governs how military retirement benefits are calculated when a service member faces a divorce. Only if the couple was married 10 years or longer would the former civilian spouse be entitled to any of the military benefits.
In addition, child support and alimony payments from military spouses to civilian spouses may not exceed 60% of the soldier’s pay or allowances for service.
I Am Going Overseas for Military Service but My Spouse Has Filed for Divorce
If you and/or your spouse reside in South Carolina, and one of you is on active duty with a branch of the military, divorce proceedings will complicate not just your relationship, but your service. However, as a member of the military you have rights in South Carolina. The South Carolina divorce attorneys at the Strom Law Firm can help. We are waiting to help protect your rights—call us to schedule a case evaluation today.
Grounds for Divorce in Greenville Will Be Important
If you are filing for a “fault” divorce in South Carolina, understanding the grounds for divorce are very important. According to the state’s divorce laws, there are five grounds for divorce:
- Desertion for at least one year;
- Physical cruelty;
- Habitual drunkenness or drug abuse; or
- Living separately for at least one year
Many couples in the state file for “no-fault” divorce, but to be granted a divorce quickly, they often choose to separate for a year to speed up the process. A divorce for “fault” can often be more emotionally intense, because one spouse has a complaint against the other’s behavior. Because many divorcing couples have children, “fault” divorces can also cause one spouse to lose some custody rights, as well as property rights.
Assets, Children, and Divorce Procedures in South Carolina
If you file for divorce in South Carolina, whether the divorce is no fault or “fault,” you will need to discuss splitting assets from the marriage. Many married couples make large purchases together, and can also share bank accounts and credit cards. The debt, as well as property, will be divided as evenly as possible. However, if one spouse argues that the other has harmed them somehow – emotional harm is a recurring argument in “fault” divorces – then the other spouse may have to give up some property, or pay alimony.
In a “fault” divorce, the emotional argument can also lead to losing some or all of custody rights over children if one spouse is seen as “unfit” somehow. While that spouse may be required to pay child support, they may not be allowed to see their children very often, if at all. This can intensify emotional distress during an already stressful time.
My Spouse Filed for Divorce and I’m Afraid of Losing Custody Rights or My Property
If you face divorce proceedings, it is important to have strong legal representation to ensure that your rights to shared property and your children are respected. The South Carolina divorce attorneys at the Strom Law Firm can help. We’re happy to offer a case evaluation to discuss your divorce filing, so contact us today.