Business Assets

As a family you may have one or more business assets that you rely on for income to support your life style. These assets can vary, it can be a Limited Liability Company (LLC) that owns an investment properties, a small coffee shop, a large wholesale operation or a professional medical practice. These are business interests that will need to be evaluated and a decision will need to be made on how they will be split up.

Here are some questions that arise:

• Is the business or portion of, considered separate property for the purpose of the divorce?
• Can and or should the business be appraised?
• When is the business considered marital property?
• Does it matter when and who started the business and who runs it day to day?
• Does it matter for my divorce if this is a passive verses an active business investment?
• Does the homemaker and the spouse responsible for raising the children have a claim to a business they do not work in?