Divorce is is always difficult for everyone involved, but it can be much more complicated when one or both spouses own a business. Your business is probably the most important asset you own, however issues arise when it comes to the division of property. Self-employed professionals normally own a personal service practice that often has very little to sell. The biggest problem is that aside from certain office assets, one cannot divide and sell a reputation.
Compensation is another area not always clearly defined as a business owner. For instance, you cannot commingle a salary and accounts payable–a calculation must defer to one or the other. The issue can be further complicated with shareholder loans, buy-sell agreements or any partnership arguments. After all of these things are taken into account, depreciation and other tax issues have to be considered.
You have poured your heart and soul into your business and the thought of seeing it destroyed through a divorce is gut-wrenching. Divorces involved with business owners are very complex and can be overwhelming. Our attorneys at Verner Brumley Mueller Parker have more than a century of experience assisting business owners with divorce. We have an extensive network of financial professionals and forensic experts to help you value and divide any divisible assets in the best way possible.