Sapulpa Divorce And Business Division
Of all the things that you have to divide in a Sapulpa divorce case, splitting a business is is probably the hardest asset. And no one wants to split a business anymore than they want to split their marriage. After all, you put everything you had into it. Spent your countless hours, blood, sweat, and tears into building it. This is something that was well thought out and may be the way you provide for yourself and your family.
Did You Build It Together Or Separate?
If you built your business before you got married, then it is separate property and will not need to be divided in court. However, if you built it after you got married, it is a marital asset and therefore is subject to division. That’s mostly how all of this works. Anything you had as a single person is yours, and anything you got afterwards is shared. Sounds simple enough right? If only it were that easy.
For example, let’s say you bought a house when you were single. Premarital right? So it’s all yours. But then you get married and do some work to the house. Well, the money used to do that work is a joined asset. Now the other party has an investment in the home. Or maybe you used marital money to pay the mortgage. That makes it transition to a marital asset. So it becomes shared property.
The same can be said about your business. Did you pay it off before you were married? Did you use joint income to pay for it? All of these things are factors to consider in court when going through the division of assets.
How A Business Is Valued
Things noted are the assets of the business, and the annual revenue of the business. Of course several arguments can be made about all of these things, but for the purposes of keeping it simple for this blog, those are the two biggest things to consider. What does the business own? How much money does the business make?
Call A Sapulpa Divorce Attorney
Keri Palacios not only does family law and business law separately, but together as well. If you are going through a divorce and need adequate representation to protect your assets, call the law office of Keri D. Palacios today.