Business Asset Division Lawyer

Knowledgeable Divorce Attorney Helping Divide Business and Personal Interests in Richmond and Other Surrounding Cities and Counties in Virginia

When you get a divorce in Virginia your assets and debts are subject to equitable distribution. In many cases, your business interests can be considered joint assets that are subject to division, even if one spouse did not work in the business or contribute to it financially. Whether the business is small and moderately successful or a much larger company, you will want to make sure you take the right steps during the property division process.

To protect your rights, you need a skilled lawyer with experience handling complex divorce issues. Carol A. N. Breit, Attorney at Law, has helped Virginians with their legal issues for over 45 years. We serve clients throughout the Richmond area, including the City of Richmond, Chesterfield, Henrico, Hanover, Goochland, Powhatan, and New Kent Counties. We understand the laws that apply to dividing business interests in a divorce, and we can help you manage your case effectively. If mediation or collaborative law cannot resolve your issues, our extensive trial experience will provide you with advantages. Through it all, you can count on us to protect your best interests.

Understanding Equitable Distribution in Virginia Divorce

In some states, marital assets and debts are divided equally. Virginia uses equitable distribution which is based on each spouse receiving his or her equitable or fair share. What is "equitable and fair" is subject to evaluation and interpretation in many cases.

If you and your spouse cannot reach an agreement by other means, the Court may decide how to divide your property, including your business interests. A Judge may not be concerned with how the Court's decisions will affect the business's stability or how operations will continue after your divorce. Instead, he or she may make a decision based only on your business's current value and each spouse's monetary and nonmonetary contributions to the marriage.

If reasonable and possible, it is best to negotiate mutually agreeable terms without the Court's intervention. By doing so, you can retain more control over the outcome while potentially saving both time and money.

Determining the True Value of Your Small Business Interests

There are several ways to examine your business's value. Not just anyone has the qualifications to do so. Whether you choose to go by book value, market value, or another method, it is important to work with an expert accountant or another similar professional who has experience evaluating the type of business you own during divorce proceedings. You may need to have an expert testify on your behalf if your case goes to trial. Carol A. N. Breit, Attorney at Law, has the resources and knowledge needed to choose the right experts.

Determining How Each Spouse Gets a Fair Share of Business Interests in Virginia

You and your spouse may own a business jointly with both of your names attached to the company's legal structure. Sometimes only one spouse may officially own the business, but it will still be considered a marital asset. For example, if the business was started or acquired during your marriage, it may be a marital asset. When preparing for your divorce, our attorney will discuss your objectives with you. Do you and your spouse want to remain co-owners? Do you want your future ex to pay you for your fair portion of the business's value so you can step away from it? The strategy will differ depending on the facts of your case. For example, some factors to consider include:

• Your goals
• The accurate value of your business to be utilized
• Each spouse's contributions to the business and the marriage
• The legal ownership of the business
• Whether a prenuptial or postnuptial agreement is applicable

After we gain a full understanding of your situation and your goals, we will work with you to negotiate agreements that will protect your interests.

Establishing Post-Divorce Business Continuation Plans

If you rely on your business for your income, you may be justifiably concerned about how dividing your business interests during your divorce will affect your future. We will look for solutions that minimize the negative impact on the business to keep it stable and viable after your divorce is finalized.

Call Our Business Asset Division Attorney Serving Richmond and Other Nearby Cities and Counties

Carol A. N. Breit, Attorney at Law, wants to ensure that your business interests are addressed fairly and accurately during the property division stage of your Virginia divorce. Our considerable experience and legal knowledge mean we can handle these complex issues. Call 804-282-9226 or send an online message to get started.