It is common for spouses to work together or even own a business jointly. But being business partners when your marriage ends can be tricky, so getting the right legal advice is vital.
Having a prenuptial agreement can simplify this process when deciding who will own the business, who will work in the business, or how the company will be divided after a Nevada divorce. It can provide clarity and provide an extra layer of security for both parties involved.
Sell the Business
Probably one of the easiest things to say and the hardest things to do is sell the family-owned business. If this is a possibility for your business, this is usually the fastest option for getting divorced when a business is involved. To sell the business, we recommend hiring an expert to value or appraise the business to determine the best sale price. Then it simply becomes a matter of how the profits will be divided between the spouses.
Of course, this approach might not suit a thriving business with an extended lifespan. In such cases, you should consider the alternative strategies outlined below. If you’re considering protecting your marital asset, this could also be a great choice!
Continue to Work In The Business Together
This would be the other extreme of selling the business. However, if you and your ex can maintain a professional relationship and keep their interests in the business separate, then there’s no need to change anything. You can continue co-owning the company with separate property, preserving what you’ve built together as business owners.
The other benefit of continuing business ownership together means you will not have to endure costly and time-consuming divorce proceedings or get expensive professionals to determine the value of your business for sale or division.
However, remaining in business with your ex means you likely see each other every day or at least need to deal with each other enough to ensure the success of your business. If this is not an option, you should consider selling the business or buying out your ex.
One Spouse Buys Out the Other’s Half of the Business
Your business will be considered an asset of the divorce. Therefore, the Court will not be swayed by emotions, such as I founded the business or I love my business. Instead, your divorce judge will consider business, and the terms of a buy-out, from a purely financial perspective.
To determine how much of a buy out is necessary, you will have to hire an expert to provide a business valuation. Once a value has been determined, one spouse can buy the other spouse’s half of the business, or other assets can be leveraged for an even exchange.
Here’s a reminder for our readers about the additional resources created by our lead attorney, Molly Rosenblum Allen, Esq., designed to guide and support you through your challenging times:
Las Vegas Divorce Attorney: Find expert legal assistance and guidance for navigating divorce proceedings in Las Vegas. Learn More
Alimony in Nevada: Understand the specifics of alimony laws and how they apply in the state of Nevada. Explore Details
Divorce and Mortgage: Gain insights into how divorce can affect your mortgage and housing situation. Read More
Divorce and Taxes: Learn about the tax implications of divorce and how to navigate these financial challenges. Get Informed
Health Insurance After Divorce: Understand your options and rights regarding health insurance following a divorce. Find Out More
Divorce and Bankruptcy: Discover how divorce and bankruptcy proceedings can intersect and affect each other. Explore Your Options
Student Loan Debt Divorce: Find out how student loan debt is handled and divided in the event of a divorce. Learn the Facts
How Much is Alimony in Nevada?: Get an understanding of the factors that determine alimony amounts in Nevada. Understand Alimony
Divorce Attorney Fee: Get clarity on the costs associated with hiring a divorce attorney and what to expect. Know the Costs
Who Gets the House in a Divorce in Nevada: Learn about how property, including the house, is divided in a Nevada divorce. Discover More
How to Not Get Screwed in a Divorce: Arm yourself with knowledge and strategies to protect your interests during a divorce. Protect Yourself
These resources are meticulously crafted by Molly Rosenblum Allen, Esq. to provide you with the legal insights and support you need during your time of need. We encourage our readers to make use of these valuable tools to navigate through the complexities of divorce and related issues effectively.
Why You Haven’t Hired a Las Vegas Divorce Attorney Yet
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Offsite Resources You May Find Helpful
Here are seven resources that can provide more information and support for business owners navigating a divorce:
- American Bar Association (ABA): The ABA provides a wealth of information on family law, including divorce and how it can impact business ownership.
- Entrepreneur: This site provides resources and articles on a variety of business topics, including how divorce can affect business.
- BizBuySell: BizBuySell is an online marketplace for buying and selling businesses. They provide resources and articles on how divorce can impact business ownership.
- Avvo: Avvo offers a Q&A forum where users can ask legal questions and get answers from lawyers, as well as a directory of lawyers by specialty.
- FindLaw: FindLaw provides free legal information, a lawyer directory, and other resources.
- National Federation of Independent Business (NFIB): NFIB provides its members with resources and advocacy for small business owners, including potential impacts of personal matters like divorce.
- Inc. Magazine: Inc. provides entrepreneur resources for the various stages of business, including legal challenges such as divorce.
Are you in Las Vegas and planning to get divorced?
You don’t have to go through the process alone.
The Rosenblum Allen Law Firm is here for you!
We are experts in divorce law, so we can ensure your rights get upheld during the entire process. Plus, our team of attorneys has years of experience with other legal issues that may come up, such as child custody battles and division of assets.
Please trust us; we will always fight hard for a successful resolution! So what are you waiting for?
Call us today at (702) 433-2889 – because when it comes to getting divorced, nobody does it better than The Rosenblum Allen Law Firm!