Divorce And Business Ownership
When a Louisiana business owner gets divorced, the business may qualify as separate property or community property. Generally, separate property is not subject to division between the spouses, but community property is. Determining how or if business assets should be divided can be a complicated matter, requiring assistance from an experienced property division lawyer.
The divorce and property division attorneys of Nicaud & Sunseri Law Firm, LLC, have extensive experience in these matters. Business owners and the spouses of business owners in Metairie, St. Tammany Parish and throughout southern Louisiana turn to us to help protect their financial future and achieve a fair divorce settlement.
To discuss your goals and concerns regarding divorce and business ownership, contact us today and arrange a confidential consultation. For representation on the Northshore, please call 985-218-0494. For representation on the Southshore, please call 504-662-9596. We can help.
Issues To Be Aware Of Before Dividing A Business
In general, a business that was started or purchased before the marriage will remain the owner’s property after divorce. However, matters become complicated when separate property — in this case, a business — becomes commingled with community property.
For example, if a business owner’s spouse starts working at the company and becomes deeply involved in it, a judge might decide that the business no longer qualifies as separate property. It would then become necessary to consider the business as part of the marital estate. A judge may also question the separateness of a business if personal assets and business assets become commingled.
Keep in mind, too, that assets acquired during the marriage, including income from a business, are generally considered to be community property and are subject to division. As attorneys who are experienced in high-asset property division, we know what to look for in these matters, and we can help you identify the assets to which you are entitled.
Depending on the circumstances, we may be able to help spouses avoid liquidating their family business and instead continue operations after the divorce.
Do You Need A Business Valuation?
A business valuation is not always necessary when a business owner gets divorced. However, if the plan is to divide the value of the business between the spouses, then the importance of an accurate business valuation cannot be overstated. In any case, proper documentation of the business — either as separate property or as community property — is essential.
Our attorneys have the knowledge, experience and professional resources to obtain accurate business valuations and to trace separate property to its source.
Contact Nicaud & Sunseri Law Firm, LLC
To schedule a consultation with a skilled and dedicated property division lawyer, call 985-218-0494 or 504-662-9596, or contact us online. With offices in Metairie and St. Tammany Parish, we advise and represent clients on the Southshore and the Northshore.