Is My Business Or Professional Practice Safe From Divorce?
Business owners and individuals with a professional practice can face many challenges in a divorce. Along with focusing on the needs of your business or professional practice and maintaining daily operations, you must also be aware of the potential consequences your pending divorce may bring.
If you own a business or professional practice, it is essential to put an experienced, knowledgeable attorney on your side. Kurt Schnelz has more than 30 years of experience counseling business owners and professionals involved in all complex divorce and family-related legal matters.
Understanding The Basics Of Property Division In Michigan
Even as the sole owner of your business, there is no guarantee it will be protected from your divorce. Determining if a business is considered marital property will vary based on your specific situation. If you started the business during your marriage, Michigan courts would likely view it as marital property, which entitles both spouses to a portion of the entity.
If you established your business before getting married, the courts could consider the pre-marital value of your business, which typically remains as separate property and is not subject to division. However, any growth or increase in the business’s value that occurs during the marriage can be treated as marital property and can be divided in your divorce.
At Schnelz Wells PC, our goal is to help you develop and obtain a suitable resolution. We work diligently to identify your individual needs, contend with any issues that may arise and are prepared to advocate for you through litigation, negotiations and at trial.
Learn More About Protecting Your Business In A Divorce
Get your questions answered and learn what you can do to help safeguard your business from divorce. Schedule an initial consultation with a skilled negotiator and seasoned trial lawyer today.