If you and your spouse have chosen to part ways in marriage, you may be going through lots of changes and challenges right now. If you are one of many adults in Colorado who own a business alongside your spouse, you might have a lot of questions regarding how to protect your interests and secure a fair and agreeable settlement.
Avoid complications by knowing what to expect
The last thing you need as you prepare for the holidays is to argue about business interests and other financial matters that may bear significant impact on your divorce settlement. Staying ahead of the game by being prepared for such discussions can help you prevent contentious debates and lingering court battles.
The following is a list of helpful ideas:
- Typically, the value used to determine distribution of business assets between you and your former spouse will be the fair market value as of the date of your separation.
- A key factor in valuing your business interests is whether your business was acquired before or after you were married.
- The source of funding used to launch your business may also be a determining factor toward valuing your business interests.
The main point is that you will need to seek a valuation of your business interests before you are able to proceed with the distribution of assets in your divorce. Whether your business is considered marital or separate property depends on various issues, including those mentioned above.
Amicable negotiation goes a long way
If you and your former spouse still get along really well and are able to discuss important matters in a peaceable fashion, that’s great. However, if you’re like thousands of other former couples, where part of what led to your divorce was a breakdown in communication, you may need help to negotiate business issues.
Skilled and experienced negotiation might help spare you from spending hours hashing out differences in a courtroom. That said, even if negotiations wind up leading to litigation, you’ll want to have an advocate by your side who knows how to aggressively protect your interests and help you exercise your rights.
When considering negotiation as a means of problem-solving, remember the following:
- There are generally two sides (and sometimes more) to every issue, and a family law attorney can help you make certain your side is clearly heard and understood.
- Cooperation and compromise are valuable tools toward obtaining positive results in a high net worth divorce.
- If you tend to get flustered or upset when controversy is unavoidable, it might help to allow an experienced representative to speak on your behalf.
Let’s face it. You’ve most likely worked long and hard to achieve business success. Just because you’ve chosen to divorce does not mean you should suffer economic hardship or loss of business interests in the process.
By seeking assistance from a family law attorney who is ready to negotiate a fair deal, but also prepared to fight for your rights, you can take the first steps toward a brand new lifestyle and successful future.