Protecting Businesses During Asset Division
A business is the most complex asset you may possess, and when you are heading into a divorce, that complexity is the source of a great deal of stress. Under California law, all assets acquired in a marriage, often including your business, are a part of the marital estate and subject to community property laws.
At Klausner | Johnson LLP, we understand the special level of personal and financial investment you’ve put into your business. When considering the possibility of your company undergoing a massive division, you will feel stressed. We have helped clients across Irvine preserve their businesses and enter into divorce with a complete understanding of what is ahead.
Community Property Is A Balance Of Debts And Assets
Seeking an equal distribution of assets in a business first requires a complete review of the business’s assets and debts. This will require a total calculation of:
- Real estate
- Intellectual property
- Business loans
- Salary obligations
Calculating the total debts and assets of a business can take an exhaustive amount of work. Once this value is known, discussions may move forward.
It may be possible to buy out your spouse’s share of the business in a few ways, such as a direct payout or taking on a greater share of the debts. We will help you determine the right option for your circumstances.
Resolving Community Property Disputes Is Always Difficult
Remember, community property law requires that each spouse take on an equal share of the debts and assets. If your spouse had significant involvement in the operation of your business, there might be little you can do to keep total control of your business.
However, our team is immensely experienced in family law and property division. We will advocate for your goals with aggressiveness and intelligence. Contact our office today by calling 949-220-1500 or sending an email.