Many married couples in the Beaufort area are living the American dream – they own their own business together and reap the benefits. However, what happens if married business owners then decide to get divorced? This can be a complex situation, and you always want an experienced divorce lawyer in Beaufort on your side.
There are different ways to divide your marital property in a South Carolina divorce. The state law requires that all marital property be divided “equitably,” and this includes a joint business. Some options for dividing business interests include:
It is important to accurately determine the value of the business prior to negotiations about how to divide it. You want a lawyer who has access to trusted accountants and business professionals who can advise you what your ownership stake is worth.
Once you know how much your interests are worth, you can then weigh your options. If your spouse buys you out, you may have enough cash to start a new enterprise on your own. If there is not enough liquid capital to compensate you, it might be possible for your spouse to get the business and for you to get the marital home in exchange, for example. There are many options in this situation.