Tailored Solutions For Businesses Facing Property Division
A divorce affects everyone in the family, particularly the spouses and their children. But if you or your ex owns a business, your divorce can have consequences for even more people. The business’ employees and partners can also be affected, depending on what happens in your property division order.
The responsibility to make sure your business assets are treated fairly in your divorce is huge. At Taylor Law Firm, PLLC, I am prepared to help you meet this task. My name is Kevin Taylor, and since 2009, I have helped clients find solutions to an ownership stake in a business that respects their marital property rights and honors the company’s legacy as much as possible.
What Are My Options For Dividing Up A Business?
Oklahoma is an equitable division state. Rather than dividing all marital assets 50/50, divorcing couples must divide their assets “equitably,” meaning fairly. When it comes to splitting up a business ownership interest between you and your spouse, you have three basic options.
- Buy out: Often, the spouse who contributed the majority of the work in the business will buy out their ex’s share and maintain ownership. This can be done by, for example, giving the non-owner spouse a larger share of the cash, the owner spouse assuming more of the marital debt, or through spousal support payments for a set period.
- Sell the ownership stake: Another option is to sell the ownership interest and divide the proceeds. Whether you can do so depends on factors like the nature of the business structure, the business’ value and whether viable potential buyers are available.
- Co-ownership: Many couples own and operate a small business together. In some cases, they are able to continue their professional relationship even after ending their marriage.
I treat every client with honesty and respect. You and I will work closely to identify what you want to happen with the business. Then I will work tirelessly to make your goals possible. I will fight for your property rights as a spouse and make sure you are left with a fair share of the wealth you and your ex acquired during the marriage.