Business Owner Divorce
For most people, marriage has always been a thing of love. It’s a partnership two people promised to build with each other for the rest of their lives. At the start of a marriage, no one thinks that the union could end in a divorce. But unfortunately, unexpected situations happen.
The start of a divorce could potentially be the start of your financial woes; that is, if you do not make the necessary legal actions to protect yourself and your loved ones from potential money problems.
It is important to protect your interests even though the notion of separation or divorce seems to be impossible at the moment. In today’s world, almost nothing is impossible, and it would be in everyone’s best interest to prepare for the worse thing that could happen. It’s better to be safe than sorry, most people say.
When you own a business with your spouse or personally, this can become an even more difficult situation in the face of an already stressful divorce. Whatever the circumstances are, your business—possibly your greatest financial asset—could be at risk during a divorce. Because of this, it is recommended for you to work with a professional business owner divorce attorney to help you efficiently deal with the situation.
To protect your business in a divorce, a prenuptial or postnuptial agreement can be put in place. A well-drafted agreement can be a powerful tool in protecting your business. If you believe in modifying the agreement or you would like to prepare a prenuptial or postnuptial agreement, talk to your lawyers immediately for a discussion on all your legal options.
Pennsylvania State Law on Marital Assets
Based on 23 PA. C.S.A. §3501, you or your spouse’s assets are individually owned if obtained prior to marriage. Despite that, individual assets can be possibly converted into marital properties after a certain period. During a marriage, the assets obtained are generally considered marital property, though this may not always be the case.
During the divorce, both parties must agree as to whether each asset is individually owned by one of you or is jointly-owned. If a disagreement occurs over one or more assets between you and your spouse, the court will then give a ruling to divide the property properly.
If the business is formed before the marriage, it will remain yours alone if this was never converted into marital property by you and your spouse. Businesses formed during a marriage, on the other hand, are initially considered marital properties even if your spouse does not technically own any part of the business.
To come up with the most appropriate agreement for you and your spouse’s circumstance, it is highly recommended to talk to an expert business owner divorce attorney in Pittsburgh, Pennsylvania. Your lawyer can help you draft an agreement and, during divorce, will help you attain a just and favorable result.
The Best Business Owner Divorce Attorney in Pittsburgh, Pennsylvania
It can be frustrating when the court decides that the business you have poured time, effort, and money into is entirely a marital asset. You may also get disappointed when your asset’s increase in value during the marriage is considered a marital asset. Because of this, it is important to work with a skilled business owner divorce attorney.
In Voelker Kairys & Morris, we guarantee that we have some of the best business owner divorce attorneys in Pittsburgh, Pennsylvania. With us, you will be accompanied in making all the necessary legal steps to minimize the damage to your business and finances. Each one of our divorce lawyers is highly knowledgeable in Pennsylvania state law and knows how to bring about an agreement that can ensure favorable divorce aftermath.
With our business divorce lawyers working alongside you, rest assured that you can avoid feeling like your spouse is going to take you for all you are worth and ruin your career. You will also be at a legal advantage throughout the whole process. Our business divorce lawyers will also give you advice not to have any financial worries in the future.
Coping with the end of a marriage is hard enough as it is, more so when you own a business. Possible disruption to your business makes divorce even more messy and disappointing. However, the end of your union does not necessarily mean the end of your career.
To know the best course of action regarding the business involved in your divorce, talk to an expert lawyer today. By working with our business divorce lawyers in Voelker Kairys & Morris, you can undergo a significantly less stressful process of protecting your business from the horrors of divorce.