Business Planning / Financial Planning for Divorce
One major issue that comes up frequently in divorce cases is business and financial planning for divorce. The stakes of a divorce are already high, especially for lengthy marriages where there are a lot of assets that have been acquired during the marriage. Adding in the ownership of a business, especially the joint ownership of a business, makes things even more complex. Our experienced family law and divorce attorneys here at Woodruff Family Law Group in Greensboro have the knowledge and skill to assist you in these matters.
One reason why business ownership makes the divorce process more complicated is that the marital business likely needs to survive the divorce process. Cash flow and distractions during a divorce need to be managed.
1. Sometimes special corporate solutions need to be employed, such as mergers.
2. You may need to make special demands on the corporation for a cash dividend, particularly if you are a minority shareholder.
3. Further, you need to understand and present to the court most carefully phantom income issues, particular in flow-through entities such as S Corporations.
Woodruff Family Law Group can work with your corporate lawyers and CPAs to develop a plan to enable the business to best survive the divorce process. Having a family law and divorce attorney who is experienced in business and financial planning for divorce is extremely valuable in such cases. This knowledge and competence allows the attorney to provide the most assistance to your corporate lawyers and CPAs so that you have the best level and quality of representation possible.
Another issue arises when there is a small business jointly owned by both spouses. Any business, especially a small business, is only going to be as successful if it is managed well. The day-to-day decisions to run the business still need to be made, even when its owners are in the process of getting a divorce. In an amicable divorce, this is usually fairly easy, as both parties understand that they need to cooperate to keep the business successful and profitable.
In a divorce fraught with tension and anger, however, it is difficult for the spouses to work together to keep the business afloat. In addition, one party may try to take control over the business and cut the other person out, or bleed the business dry so that there is nothing left to split with their spouse. These are occasions in which assistance and guidance from an experienced family law and divorce attorney can be extremely useful for your case.
Our experienced attorneys deal with many issues that are focused on business/financial planning for divorce, including business tax issues for divorce, business valuation expertise, fraud and hidden assets, and domestic partner issues and agreements. To learn more about any of these services that we provide, select the appropriate link below for more information.
Contact us today to set up an initial consultation for business/financial planning for divorce, or any of the many other family legal services that we provide. Our experienced family law and divorce attorneys have the knowledge and ability to assist you.