In a divorce, dividing marital assets can be an emotionally trying experience. The two most difficult marital assets to divide are the family home and family business. Both have extreme financial worth and may have become an important fixture in both the spouses' lives.
Dividing Business Assets
It is strongly recommended you hire a divorce lawyer when determining which business assets will be awarded to each spouse. If one spouse was the sole owner of the business, the opposing spouse may still be entitles to assets pertaining to the business. If the non-owning spouse worked for the company for a time without pay, invested money into the business, or took care of the home and children, that spouse is entitled to compensation. As monetary contributions to the business are valid, so is the time a spouse invested with the business.
If the business was jointly owned by the spouses, the assets of the business must be divided. These assets can include equipment, office materials, or vested money. If certain assets cannot be divided, one spouse can buy out the other spouse to compensate them for the asset that cannot be physically divided. If one spouse wants out of the business, they can sell their portion of the business to the opposing spouse.
Tax liabilities as well as other debts must also be split by co-owning spouses. If agreement of debts and liabilities cannot be split amicably, he court will step in and give each spouse a debt responsibility they must pay toward the business.
If you are considering legal separation or divorce, contact the professionals at the Law Office of Robert W. Kovacs, Jr., proudly serving Worcester, MA and the surrounding areas. The attorneys at the Law Office of Robert W. Kovacs, Jr. understand that dividing assets and determining custody can be extremely difficult matters, it is important to retain a divorce lawyer you can trust. Contact us today for a consultation.
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