Going Thru a Divorce as a Utah Business Owner
How Does a Business Look When Going Through a Divorce?
If you have a business in Utah and you’re going through a divorce, the legal process for dividing the business assets may likely be complex. The complexity of these legal issues for your business depends on several factors. With these factors, the judge will take them into consideration along with the wishes of the couple, to consider what is fair. Thus said, it will behoove you to hire a reputable business attorney, like a Provo business law attorney.
How is it Divided – is There a Prenup?
Equitable distribution is the main focus in such legal matters in Utah. However, if a prenuptial agreement is in the agreement, equitable distribution won’t be considered. Provo Divorce Attorneys would tell and assist clients accordingly with such issues. Other than that, all property gained throughout the marriage is considered marital property except for some situations.
Other Business Partners?
As previously mentioned, this situation is complex. One thing that makes it more complex than some other cases is when there are other business partners.
With business partners, various situations can happen that are dreadful when a business owner is divorcing. One possible situation is that the business interest of the business owner who is divorcing may be on the table. And if this is the case, this co-owner may take a smaller or no stake in the company when paying the spouse.
On the other hand, if the spouse refuses to have a stake in the company, this decision can negatively affect the company’s stock. Another thing that may occur is that the spouse may choose to stay in the business. Alternatively, the divorcing partner may pay out the spouse by liquidating his/her own interest, which may present some hardship for the business. With these serious legalities, Provo Business Lawyers will help ensure you are protected and/or get what’s rightfully yours.
Is There an Equitable Division – is it Marital Property?
Equitable division implies the fair splitting of a couple’s assets, which may or may not be equal. Some operative words here are ‘couple’s assets. And thus, the property must be marital property. If the business was established before the marriage and the spouse had no interaction with the business, it may not be considered marital property. On the other hand, if the business grew partly through the couples’ joint bank account and/or from the spouse only, it may be marital property.
Couples going through a divorce usually fight over assets, even when there’s a business. On the other hand, there may be some couples who may create their own agreement. Nevertheless, a judge would review the cases to ensure fairness to both individuals, regardless of whether they are amicable with or without an agreement, or they’re contesting. The judge must abide by what is fair for both individuals and their children, if any. That’s where a Provo family law attorney comes into play.
A prenuptial agreement would likely override these issues. However, there are some instances where some property is considered marital property even with a prenuptial agreement. Again, Provo Business Attorneys will ensure your legal rights are not violated.
How Your Attorney Can Help
For more information about getting a divorce and your rights with the business, contact Howard Lewis & Petersen today. Located in Provo, Utah, this law firm has been providing top-notch legal representation in various relatable areas, such as family law, personal injury law, and business law. You will be with one of the leading law firms in Utah when working with Provo Business Divorce Attorneys. So, contact them now!
