What if I own a business with my ex?
If you and your spouse are facing a Virginia divorce and you own a business together, you will need to face decisions about the division of property.
When two people get married, they usually do so with the intent of staying together well into the future and sharing every part of their lives. In cases where the marriage fails, the partners are left with the emotional pain of the situation in addition to the practical considerations of dividing their marital property.
In Virginia, a divorcing couple's shared business will be divided based on the state's laws regarding fair and equitable division of property.
"Fair and equitable" doesn't necessarily mean that the business will be split 50/50, but rather that the court will determine by a variety of factors the best way to divide a shared business.
Virginia courts have quite a bit of leeway when it comes to making decisions regarding division of property, whether that property is a home, a business, or other shared holding.
Matters surrounding division of property laws can be detailed and complicated. Having an experienced Virginia divorce attorney on your side will help you better understand Virginia divorce law and can help you to get a more favorable outcome in your divorce.
If you and your spouse own a business together, you might want to consider divorce mediation. Mediation can help you come to mutually agreeable decisions about the division of your shared business. This avenue may be preferable to letting a judge make these decisions. Speak with your Virginia divorce attorney about this option and all other aspects of your divorce. And of course, never sign any agreements-including your Virginia separation agreement-until your attorney has reviewed it.
There are very specific rules governing divorce in Virginia. At Hofheimer Family Law Firm we are committed to providing you with the experience and compassion you deserve and the successful results you need to move on with your life. Request a FREE copy of our guide, What Every Virginia Woman Should Know About Divorce, or reserve your seat at our monthly divorce seminar – 757-425-5200.