Divorce is often a complicated legal process and, for those who own a business, it can be even more difficult to get through. Arizona is a community property state. However, unlike some community property states, Arizona does not always equally divide marital property. Instead, it seeks to divide property in a manner that is most fair and approximately equal.
Depending on when you started your business, the entirety of it may or may not be on the chopping block. If you started your business before you got married, only the assets you accumulated after your trip down the aisle will be considered marital property.
Dividing Your Business
During a divorce, spouses who are business owners may find themselves in a situation where they end up being forced into a business partnership with their ex-spouse. If neither of you wishes to continue running the business, or cannot afford to buy the other out, you can liquidate it and split the proceeds.
If you do not have the cash to buy out your spouse’s share of the business, but you do not want to liquidate it and do not want to remain in business with your ex, you can give your spouse a share of marital assets that is comparable to the value of their share of the business. For example, you could give your spouse stocks, a car, property, or bank and retirement accounts in exchange for the business.
Dividing a business can be complicated, but there are multiple ways to go about it, depending on your needs, goals, and capabilities. An experienced divorce attorney can guide you through it and help you protect your interests.
Schedule a Free Initial Case Review with a Knowledgeable Divorce Attorney Today!
If you are ending your marriage and have a business, you should not hesitate to hire a divorce attorney to assist you with your case. At Singer Pistiner, PC, our divorce team has more than three decades of combined experience and a history of successful results. We understand how important your business is to you and will do what we can do secure the best possible results for your case.
Reach out to our law firm today at (480) 418-7011 to set up a free initial case evaluation with one of our experienced divorce attorneys to get started.