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Keeping a business in a California divorce

When someone is unhappy in their marriage, one option is to seek a divorce to dissolve that marriage. However, business owners may worry that doing so may cause them to lose the company that they have worked hard to build. With good planning, it may be possible for business owners to go through with the divorce without losing control of their company.

The first step is to understand the company's financials, how it is structured and what assets it has. This allows an individual to create an initial estimate as to the company's value and the value of any assets it may have. It also allows a business owner to determine how much of that value may go to his or her spouse and how that could impact divorce proceedings. While a spouse isn't automatically entitled to half, he or she is entitled to something based on his or her role in the company if he or she had one.

One key to a relatively smooth divorce process is to maintain open lines of communication with the other person. It may create conditions for an amicable divorce or set the stage for avoiding a particularly messy split. This is because each side will know where the other stands, which may avoid the potential for any surprises complicating a settlement.

Anyone who is going through a divorce may wish to consult with an attorney. Legal counsel may be able to help a business owner or anyone else review their financials and determine what may be marital property as opposed to personal property. This may make it easier to come to a settlement in a timely and amicable manner. An attorney may be able to represent an individual if a divorce needs to be settled by a judge.

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