When a couple decides to get a divorce and one spouse is a business owner, there is an added layer of factors that need to be worked out in the equitable distribution process. It all depends on the type of divorce that the couple chooses to obtain and when the spouse obtained ownership in the business. If the spouse obtained the business during the course of the marriage, it is likely considered marital property. It will be divided just as any other asset in a divorce would. The division of property is not split in half down the middle. Equitable distribution does not necessarily mean equal.
If the divorce is litigated in court, the judge will make the ultimate decision about what happens to the business. The court may have a forensic accountant take an in depth look at the finances associated with the business. If there are serious discrepancies regarding the finances of the business and the forensic accountant feels the need to investigate further or the Internal Revenue Service feels as though something is not right, the business may have to undergo an audit.
When thinking about divorce with a business, you may wish to speak with an experienced divorce attorney who can give you a better idea of what to expect when it comes time to file.
If you need quality and compassionate legal services from an experienced collaborative divorce lawyer or the guidance from a seasoned mediator, contact Leslye M. Schlesinger today.