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Rochester Divorce for Business Owners

Rochester Divorce for Business Owners

Property division issues that go along with getting a divorce are a cause for concern under any circumstances, but particularly so when you are a business owner. At Iafrate & Salassa, P.C., our Rochester divorce attorneys understand how your own financial security is tied to your business and the impact divorce proceedings can have on its success, now and in the years to come. We can guide you in resolving important issues that often come up in these types of cases, reducing impacts while making sure the investments you have made as a business owner are protected.

Protecting Your Rights to a Business in Property Division

Under Michigan divorce laws, marital property is subject to the rules of equitable division. This means that it is divided on a fair, but not necessarily equal basis. This applies only to property and assets earned, acquired, or otherwise accumulated during your marriage, and does not include premarital property you may have owned.

In dealing with a business during divorce proceedings, there is the chance that your spouse could claim rights to it even if it is a business you inherited from your own family or started prior to the marriage. Contributions your spouse may have made that could entitle them to a share include:

  • Coming up with logos, marketing plans, or other ideas;
  • Working on behalf of your business, either on a paid or voluntary basis;
  • Investing their own money into the business;
  • Foregoing their own education or career goals to provide for children or to support you while you worked.

We Can Help Protect Your Investment

Whether you have exclusive rights to a business or you and your spouse are co-owners, our Rochester divorce attorneys help to ensure your investment and any future profits are protected. Inc. advises that there are several options to consider when negotiating payouts or settlements of a jointly owned business in divorce proceedings:

  • You can bargain using your share of other jointly owned assets;
  • You can use a property settlement note to pay off or buy out your spouse in monthly installments;
  • You can consider selling the business and dividing any profits.

Your first steps will be determining ownership and getting an accurate valuation of your business. At Iafrate & Salassa, P.C., we are here to advise you on every aspect of this process. We have over 50 years in handling these types of matters, and you can trust our Rochester divorce attorneys to protect your rights and interests. Call or contact our office online today and request a free consultation to discuss your case.

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