The word “half” in divorce is pretty scary for most men – half the property, half my income and yet she may not be as forthcoming with half the time with the children right? For business owners, the question “is my wife entitled to half my business if we divorce” can be downright terrifying. Men think about how the business can survive with half of its value going the other way and how they can even afford to pay such a price to their wife? And usually as all of this worry takes over, some men start thinking about how to cook the books or do other foolish things to make the business look less profitable or less valuable.
First, stop. Before you do anything foolish, take a step back and realize you may be over your head. That is where retaining an experienced divorce lawyer and a forensic accountant comes in handy. Fortunately, the better family law firms (like ours) work with forensic accountants so you won’t have to scramble to find one.
Second, as you read this article, do so with your logical side in full gear. There is no room for unhealthy emotions when it comes to your business.
This article will give insight and knowledge into this subject in California. No, this article is not legal advice about your California divorce. If you’re searching for legal advice on the internet, then let’s dispel that myth while we’re at it. Your business is unique and you understand it forward and backward right? Until you hire an experienced divorce lawyer who deals with such issues and knows your specific situation well, he or she cannot give proper legal advice.
Also, although we have written this article for men, everything we have written here applies equally to women business owners. In fact, women owned business are on the rise (as they should be) although they are still not as predominant as businesses owned by men. As that trend continues to change, more and more women will own their own businesses and face exactly the issues we write about here. To women business owners who are reading this, this article can be just as helpful to you as the business owner.
One last point before we get to the article. Some have mentioned in the comment section that they take some offense to directing this article toward men. When men search for this topic on the internet of their spouse being entitled to half their business or not, they typically do that search with use of the word “is my wife…” etc just as when women search for answers related to their family law questions or needs, they will put in words like “is my husband” or “is the father”, etc. The fact this article is titled and written that way is so it can actually be found on the search engines and those searching for this topic can gain some insight into it here. Just as we have written many articles tailored toward questions women and mothers have, we have also done so, at times, for men.
Want to chat? Have a family law in Southern California? Contact our family law firm and we will be happy to talk about your specific situation.
Now, let’s get to the question at hand. Ready? [Read more…]