Are you a business owner who finds yourself going through the divorce process? If so, the future of your business may be at stake, which is why you should make it a point to speak with an experienced Memphis, Tennessee business valuation divorce lawyer as soon as you can. Contact Rice Law today to learn more about what makes business owner divorce different and how our firm can assist you and protect what’s yours.
Business Valuation & Divorce in Memphis, Tennesse | Our Lawyer is Here to Help
If you’re planning on getting divorced and you own a business, you’re most likely concerned about the future of your business. Whether you took over a business or you built it from the ground up, it is most likely one of your most valuable–and important–assets. Our Shelby County, Tennessee divorce lawyer has significant experience handling divorces where businesses are involved, and we have an in-depth knowledge of all the nuances that makes these divorces unique.
Businesses & Divorce in Tennessee
When one spouse owns a business, he or she may assume that the business won’t be up for grabs in their divorce. Unfortunately, this is not the case–often, even the spouse who does not own or run the business may be entitled to a portion of it in a divorce. As long as the business is considered marital property and was not clearly accounted for in a prenuptial or antenuptial agreement, it will most likely be subject to property distribution.
However, to correctly distribute a business between spouses, a definite value must be set to the business. Often, valuing a business involves certain third-party experts, such as financial analysts or forensic accountants. These parties will work to ensure each aspect of a business’s cost and value is accurate. From there, the courts can distribute the property equitably between spouses.
Protecting Your Business from a Divorce
Fortunately for many business owners, there are some ways for them to protect their businesses, should they ever get divorced. The most straightforward way for a business owner to protect his or her business is, as mentioned above, drafting a prenuptial agreement. In this agreement, you can clearly outline exactly what will happen with your business, should you get divorced. If you are already married, you still have the option of drafting an antenuptial agreement, which serves the same main purpose.
Additionally, when spouses own a business together, they may draft a document known as a shareholder agreement, which can detail each spouse’s interest in the business, should they ever get divorced. Finally, if you are getting divorced and you have not drafted any of the aforementioned, a Memphis, Tennessee business valuation divorce lawyer is your business’s best line of defense.
Contact a Memphis, Tennessee Business Valuation Divorce Lawyer
The bottom line is that if you and/or your spouse own a business and are about to get divorced, you need an attorney who cares. Fortunately, you’re in the right place. Contact Rice Law today to schedule your initial consultation with our experienced and dedicated legal team.