Protecting What You Have Worked Hard To Build
Whether you own a small business, a large organization or a family-run operation, you (and perhaps other family members) have likely dedicated years of your life to ensuring the success of your business. When you and your spouse decide to divorce, your ownership and the future of your business — which is the source of support for you, your family and your employees — could be at stake.
At TJC • ESQ, our attorneys have nearly four decades of experience representing divorcing business owners across Rhode Island. We understand the challenges involved when a business becomes entangled in a divorce. Whether the business is owned by you, by your spouse or by both you and your spouse, we will pursue your long-term interests in seeing the value of the business protected.
Experience With Both Simple And Complex Matters
We have assisted business owners across Rhode Island, New England and New York with the unique issues they face in divorce. We have represented clients with:
- Venture capital issues
- Business valuation issues
- Joint business ownership with a spouse
- Sole business ownership
As with other property, a business must first be classified as marital or separate property. Businesses are most often considered marital property, particularly if both spouses have ownership in the business or if it was founded during the marriage.
The next step is to conduct a proper valuation to determine the full value of the assets and liabilities of the business. We will work together with your CPA and other financial professionals to determine a fair, accurate market value of your business.
Depending on the outcome of the business valuation process, we will advise on how to proceed. Common solutions include buying out the shares of your spouse, selling the business to a third party and splitting the proceeds, or in some instances, agreeing to retain the current structure of the business with an operating agreement that has both spouses involved.
Guarding Against The Uncertainty Of A Divorce
When possible, we advise business owners on proactive measures to guard their businesses from the uncertainty of possible divorce. Premarital or postmarital agreements can be immensely useful in ensuring the preservation of your ownership of your business. If your business exists prior to your marriage, drafting a prenup can protect the assets of your business.
Pursuing Your Long-Term Interests
A divorce does not have to mean the end of your business. Contact the attorneys at TJC • ESQ for the experienced, resourceful legal guidance you need. Schedule an initial consultation at our Providence office by calling 401-400-4254 or by contacting us online.
TJC • ESQ is now a part of Burns & Levinson, one of the largest and most respected family law firms in the nation. Learn more.
