Divorce for Business Owners

Business Owners Divorce Lawyer in Franklin, TN

Divorce is invariably a complex and emotionally charged process, but for Tennessee business owners, the stakes can be even higher. The complications of untangling personal and business assets make these divorces much more challenging than other divorce cases.

Understanding the unique financial issues and demands of business owner divorce and navigating through them requires legal proficiency and a deep understanding of the business landscape and how it intersects with family law.

As a small business owner, Attorney Michele McGill grasps the difficulties you may face in resolving your divorce and how crucial it is to secure a fair and just resolution. You may have spent years or decades building your business, putting enormous time, effort, and money into it. Ensuring that your business does not itself become a victim of divorce can be a primary goal.

At McGill Law, we can work with you to fight for a fair and equitable outcome when faced with challenging financial divorce matters such as a family-owned business, professional practice, or interests therein.

Email us your contact details or call (615) 398-6453 to book a free initial consultation with our Franklin business owner divorce attorney.

Complications in Business Owner Divorce

Divorces involving business owners can present a set of complexities not typically found in other divorce cases. These complications mainly stem from the valuation, division, and potential impact on the business's operations.

Here are some of the critical factors that contribute to the complexity:

Determination of marital vs. separate property: Tennessee assets acquired during the marriage are considered marital property and thus subject to division upon divorce. However, if a business was started or acquired before the marriage, it may be considered partially part of the marital estate. Determining the portion of the company regarded as marital property versus separate property can be complex and often requires detailed financial analysis.

Business valuation: Accurately valuing a business is crucial in a divorce to ensure equitable distribution. This process can be complicated, involving various methodologies and potentially requiring expert testimony. Factors such as the business's assets, debts, income, and growth prospects must be considered.
Division of business assets: Once valued, the next challenge is determining how to divide the business without harming its operation. Options might include one spouse buying out the other's share, selling the business and splitting the proceeds, or continuing to co-own the business post-divorce. Each option has its own set of legal and financial challenges.
Impact on business operations: Divorce proceedings can disrupt a business's everyday operations, especially if the company requires revaluation or changes in ownership structures. There's also the risk of damaging the business's reputation or losing key employees during the process.
Hiding or underreporting income: In some cases, a spouse who owns a business may attempt to hide or underreport business income to affect the divorce settlement. Detecting and proving such behavior can be difficult and often requires forensic accounting.
Tax implications: Divorce can significantly alter a business owner’s tax obligations, affecting personal and business finances. These implications call for the knowledge of a skilled business tax consultant.
Legal and financial competence required: Given the complexities involved, divorces involving business ownership often require the involvement of experienced family law attorneys, business appraisers, and financial analysts. This can make the divorce process longer and more costly than typical divorce cases.
Child support and alimony. The income generated from a business impacts child support and alimony payments, requiring accurate forecasts of business earnings.

You may need a comprehensive financial analysis to assess the worth and prospects of the business accurately. You may also need to protect intellectual property and business assets that may become vulnerable during divorce proceedings. Strategic planning for the post-divorce future of the company may also be necessary to ensure it remains viable.

What Must Be Done

Ensuring a fair divorce resolution involves diligent preparation, negotiation, and sometimes litigation. In your business owner's divorce, you will likely need forensic accounting to unearth and accurately appraise all business assets. This can also involve expert appraisers and business valuators when necessary.

Developing a robust legal strategy that aligns with your goals for the divorce and the future of your business is also advisable.

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Why Choose McGill Law?

We've Helped Thousands of Families

Clear Direction & Strategy

From the first meeting to the last, you will have a personalized path forward, and we'll walk you through every step.
Aggressively On Your Side

Working with Michele McGill means compassionate, respectful, and fearless advocacy on your behalf.
Personally Invested in You

You're never just a number to us - we work closely with you to ensure that every decision is in your best interest.
Experienced Litigator

With thousands of clients served, we are well-prepared to fight for you in court if your case demands it.

How We Can Help Business Owners in Divorce

We can provide comprehensive help with asset valuation and division using industry-standard methods to ensure fair assessment and division. Our attorney customizes strategies to protect your personal and business interests. Ms. McGill provides skilled negotiation and litigation services where needed as an aggressive advocate for clients.

Divorce for business owners brings a distinct set of challenges, but a fair and equitable resolution is attainable with the proper preparation and support. McGill Law stands ready to assist you in navigating these issues and seeking the best possible outcome for your personal and business future.

You can reach us online or at (615) 398-6453 to arrange a complimentary consultation with our Franklin business owner divorce lawyer.

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