When couples choose to marry in Virginia, most do so with the intention of being together for the rest of their lives. In some cases, this could include sharing the burdens related to building a business, whether that includes both spouses directly involved in the business or one spouse making sacrifices to enable the other. Should the marriage end in divorce, dividing a business can be complicated.
Often, both business owners and their spouses who are planning a divorce have many questions about how the business is valued and divided but may feel unprepared to to fully protect their interests. Both assets and debts in Virginia are divided according to equitable distribution, which can be a subjective interpretation. A spouse with a lesser earning capacity could receive a larger share of assets while a spouse who is better able to pay back debts may receive a larger distribution of those.
In the case of a business, the attorneys at Lutins & Pilgreen, PC have experience helping clients protect their interests. We can help determine the value of a business and search for assets that may be hidden. Additionally, we can determine a value for the contributions of a spouse who does not own the business.
Many business owners in Virginia and their spouses have discovered that dividing a business as part of a divorce is not always practical and may be detrimental to to the success of the business. Our firm can help fight for a fair, reasonable resolution, potentially including alimony or a larger share of assets in exchange for a portion of the business. An initial consultation can help a person contemplating divorce fully understand the options regarding protecting equitable interests in a business he or she owns or helped build.