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Protecting a business in divorce

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When Nevada business owners want to divorce, they may be afraid to do so for fear of losing their companies. By careful planning, however, they can take steps in advance of filing for divorce that can help to protect their businesses.

Before filing for divorce, business owners should first get a clear picture of what their assets are. They should make certain their financial records for the company are current and that the accounts are up to date. They may want to get their business appraised by a professional.

After getting a clear understanding of their company's value, they will then want to think about their spouse's likely position. If the business is owned jointly with their spouse, the person should think about whether they will be able to work together following the divorce or if their spouse may be willing to sell their shares. They will also need to think about when the business was created, as it will make a difference regarding their spouse's interest in it. Once the business owner has a clear picture, they should then think about other assets they may be willing to give up in exchange for keeping sole ownership of their business.

By taking the steps to organize and plan before filing, a business owner may be better-positioned to protect the company during the divorce process. People who own businesses and who want to get divorced may want to consult with a family law attorney. An attorney may be able to help after the case is filed by negotiating with the business owner's spouse. By doing so, the attorney may be able to negotiate a settlement in which their client's business will not be divided in the divorce.

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Standish Naimi Law Group Standish Naimi Law Group Standish Naimi Law Group logo Facing a family law issue is never easy, especially when your matter involves a dispute over child custody and/or your financial future. For family law matters such as yours, it is important to work with a law firm that is known for its superior representation, exceptional client service and the ability to untangle the most complicated legal issues. For many years, families throughout Summerlin, Las Vegas, Henderson and Southern Nevada have trusted attorneys Thomas Standish and Jason Naimi to
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