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.