Experienced Divorce Counsel For North Carolina Business Owners
Building a business can take years of dedication and hard work. You may worry about how your divorce could affect its growth and profitability. Gantt Family Law can help business owners like you feel more certain about your business’s future and assist you in protecting and distributing business assets.
What Equitable Distribution Laws Can Mean For Business Owners
North Carolina is an equitable distribution state. That means if you and your spouse cannot agree on dividing certain assets, a judge can decide based on what they believe is reasonable and fair. If you began your business before your marriage, courts might consider it separate property that isn’t subject to division. However, if you started your business or it accumulated significant value during your marriage, the judge may consider it marital property, meaning it could be subject to division.
As most judges are not business owners themselves, their decisions may not account for the legitimate needs and concerns of entrepreneurs like yourself – that’s why having the right representation on your side is important. Our Wake County divorce attorneys have strong knowledge of North Carolina’s property division laws and everything involved with running a successful enterprise. They can assist you in guarding your business’s current and future value so you can continue running it after divorce.
How Can I Protect My Business Amid Divorce?
If you do not have a prenuptial or postnuptial agreement, there are ways you can protect your business assets. Here are a few to consider:
- Updating your business bylaws: You may decide to establish sole ownership of your business should you divorce.
- Establish how much your spouse will get before the divorce: An appraisal can help you understand the value of your business before divorce and help you create a division formula that accounts for your specific needs and situation.
- Sell your business: If your spouse has no stake in the business, you can legally sell it if you choose. While the money you accumulate from the sale may be subject to division, you may find it easier to split cash instead of the diverse and complicated assets that can come with a business.
We can help you understand your circumstances and find a solution that works for you. Set up an initial consultation by visiting our contact page today.
Work With Divorce Lawyers Who Understand
We know how important your business is, and we can help you advocate for your needs throughout your divorce. Don’t wait, call 919-518-9540 to schedule a consultation today – we look forward to speaking with you.