Although the divorce rate has somewhat decreased over the past few years, it is still high. Approximately half of all first marriages in the United States end in divorce. Sixty percent of all second and 73 percent of all third marriages also end up in divorce court.
One of the major issues that divorcing couples need to decide is how their marital estate will be divided between the two of them. This can be difficult enough, but when one or both spouses own a business, that equitable division of assets can become very complicated. This is just one more reason why anyone going through a divorce should have a skilled divorce attorney advocating for them.
Is a Business Marital Property?
If the business was formed while the couple was married, the court will likely rule that the business is a marital asset. This applies no matter what type of business structure – partnership, LLC, or corporation – that the business was formed under.
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