Without a doubt, owning a business complicates the divorce process. Unlike an employee of a company who can show his or her earnings on a weekly paycheck, business owners’ income varies significantly. Furthermore, business assets are often considered marital assets. This means that the non-owning spouse also has a right to a portion of the business’s value.
The situation becomes even more complex legally and emotionally if the spouses co-own a business together.
If you or your spouse own a business and you plan to divorce, you may want to consider using the collaborative law process to determine the division of marital property, child custody, and other divorce issues.
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