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