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4 Ways You Can Protect Your Business During Your Michigan Divorce

Posted on in Divorce

Oakland County asset division attorneyThere is nothing more stressful and demanding than a divorce. It overturns almost every part of your life, and no matter your profession, you will feel the effects of the divorce. Those who own a professional practice or their own business have slightly different concerns when it comes to a divorce, specifically when marital assets are being divided. 

All marital property will be subject to division in a Michigan divorce. Marital property is any property that was acquired by either spouse during the marriage, including businesses. 

Property division can be difficult, especially dealing with family businesses or practices. Here are four ways to protect your business during your divorce:

1. Get a Fair Valuation of Your Business

The first step in determining what to do with your business is figuring out how much it is worth. The court will likely require that you have a valuation of your business on hand, and it will appoint a professional to make one if you do not already have one. It may be a good idea to use court-appointed professionals because they tend to be the most neutral and unbiased. If you disagree with his or her findings, you can hire your own to do another valuation.

2. Give Yourself a Decent Salary

It is important to pay yourself a decent salary when you own a business or practice. If you cut down on your salary so you can use that money to grow the business, your spouse’s lawyer could make a case that your spouse deserves more of the company’s assets. Investing enough money into your household is just as important as investing enough money into your company.

3. Negotiate With Other Assets

If you desperately want to keep the business, try negotiating with other assets that are part of your marital estate. For example, if you do not care about keeping a vacation home that you and your spouse own together, offer the home to your spouse in exchange for the entirety of your business. This can be a good way to make sure the business stays in your complete control.

4. Hire a Skilled Oakland County Property Division Attorney

A divorce can be difficult but when something as important as your business is on the line, it can be even more stressful. You built your business from the ground up, and you dedicate your life to making sure it is successful. The last thing you want is for it to be torn apart because of divorce. At Elkouri Heath, PLC, we will help you protect your business at all costs. Our knowledgeable Novi, MI property division lawyers can make sure that you get your fair share of the marital property. Call our office today at 248-344-9700 to schedule a free consultation.

Sources:

https://www.entrepreneur.com/article/220124

https://www.nfib.com/content/resources/legal/a-small-business-owners-guide-to-divorce/

 

Oakland County Bar Association State Bar of Michigan Collaborative Practice Institute of Michigan WCCDBA Woman Lawyers Association of Michigan
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