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Going Through a Business Divorce?

by | Mar 31, 2017 | Firm News

business divorce

Divorces can be complicated enough when they do not involve couples who own a business jointly, but they assuredly can become much more complicated when they do. Nevada is a community property state just like California, and any assets accrued throughout a marriage is equal personal property. This means that all assets and liabilities of a married couple are material case factors when a divorce is being processed regardless of prior personal ownership of any particular financial holdings or businesses, even when there are prior agreements to be evaluated by the court. The legal professionals at Albright, Stoddard, Warnick & Albright understand this litigation possibility and will conduct a comprehensive evaluation of all marital finances.

Prenuptial Contracts

While most prenuptial agreements are enforceable contracts; there are still some limitations even when they are in place. The profit generated by a business is not necessarily the question. Businesses increase in value as they grow and this growth could be attachable when it occurs during the span of the marriage. Business valuation growth could easily be considered community property by the state in certain circumstances. A Las Vegas litigation attorney understands this potential predicament and can evaluate the possibility of a settlement concerning a business even with a prenuptial agreement.

Settlement and Dissolution

It is often impractical to divide ownership of a business following a divorce, even though this could be a final outcome. Some divorces involving couples who own a business jointly are actually amicable. But, in contentious divorce situations, it is usually more prudent for one spouse to settle with the other with a financial payment beyond the other financial issues stemming from the marriage. Businesses are not always successful, and the financial liabilities apply as well. Sometimes businesses are sold or dissolved based on the financial status of the operation, and both parties share equally in responsibility. A litigation professional is always necessary when negotiations are complicated, and choosing the right reputable Las Vegas attorney is very important in arriving at a fair business settlement in a divorce.

Anyone in Nevada who is considering a divorce and owns a business should consult with a Las Vegas litigation attorney at Albright, Stoddard, Warnick & Albright for a full evaluation of your business divorce case.