Call Today 888-its-over

WE ARE FULLY OPERATIONAL AND REQUIRE NO STANDARD UPFRONT RETAINER

Our management realizes that the uncertainty of the Covid 19 crisis is weighing heavily on many of you. We have decided not to require our standard retainers but instead request a good faith up front payment of $500 plus costs (if any) to get started on your case.

When It's Over,
It's time to move on

Small business owners have unique needs in a divorce

There are many small business owners in the Bay Area. Small business owners understand how hard it is to build and maintain a successful business. Often, they are hoping their business will continue to the next generation and for many years to come. But a divorce can complicate matters with a small business.

The distribution of assets is one of the most contentious portions of a divorce. This is the place where decisions are made that can seriously affect a person’s financial future. Small business owners need to be especially careful during a divorce as often the small business is valued. Many times, a financial expert will be consulted who will scrutinize the businesses assets and expenses along with business practices. A small business owner will need to provide extensive financial records as well.

Minimizing the effect of a divorce on a small business is important

There are various things that a small business owner can do to help minimize a divorce:

  • Have good legal representation. An attorney who specializes in both personal and business aspects of a divorce can be invaluable
  • Have a prenuptial or postnuptial agreement. A business can be protected if one of these agreements is in place.
  • Refer to the business partnership agreement. If a business partnership agreement exists it can spell out a buyout or valuation of interest in the event of a divorce.
  • Hire one financial expert. If there isn’t a prenuptial agreement or a business partnership agreement, both spouses can agree to hire just one financial expert to value the business. This can save money and help streamline the process.
  • Consider a confidentiality agreement. For some businesses, keeping their business processes secret is important. A confidentiality agreement may be a good idea.
  • Spousal payments may be an option. In many divorce situations, making payments to an ex-spouse over a period of time can be a good idea instead of having to make a lump sum payment which can jeopardize the business.

It is important for a small business owner to protect their business during a divorce. There are things a business owner can do to ensure their business survives a divorce.

 

Castro Valley

19244 Redwood Rd
Suite B
Castro Valley, CA 94546

San Francisco

1 Sansome Street
Suite 3500
San Francisco, CA 94104

Modesto

1301 G Street
Suite A
Modesto, CA 95354