Property division during a divorce can be a tricky situation, especially if the married couple also were entrepreneurs who co-owned a business. The process of dividing property anddistributing assets could be complex, and when a business is added to the mix, the situation can be difficult to resolve. A few tips can help a person who finds himself or herself in this situation to experience the most promising outcome in a Virginia divorce.
First, it is helpful to try to compromise with one's spouse. Even if a couple's marriage ends, this doesn't mean that the business has to follow suit. If both parties can still work together following the divorce, they can keep making the business work for them financially.
In cases where the two individuals do not jointly own the business, it is necessary to have the business valued. Both people will benefit the most by choosing an independent appraiser who can provide the most accurate value possible. Otherwise, each party may attempt to choose an appraiser whose valuation methods and resulting value are in his or her individual best interests rather than benefiting both parties mutually.
A prenuptial or post-nuptial agreement is handy for addressing property division or decisions regarding distributing assets in a divorce proceeding, thus preventing the squabbling that often accompanies the proceedings. Even if a couple lacks either of these agreements, they can still try to negotiate in order to achieve an outcome that both parties find satisfactory. If this doesn't work, the Virginia courts have to get involved, and the final decisions made may not be what either or both individuals would prefer.
Source: The Huffington Post, Love Is Risky Business: 5 Tips to Legally Protect Your Company & Assets, Lisa Honey, Feb. 11, 2014