How do we divide a family business in divorce? Coming from a family that owns a local business and now working for another small family-owned business, it’s pretty safe to say that businesses are something that I think about a lot. You might even be surprised at how often it comes up, but there are lots and lots of different types of businesses that families run. The type matters, too! I’ve worked on the obvious cases – doctors and lawyers and financial types who owned their own firms. I’ve … [Read more...]
Divorce for Virginia Business Owners
A lot of divorcing couples own a business--something that tends to complicate equitable distribution. Equitable distribution is a fancy word we use to describe how property is divided in Virginia. Equitable distribution, unlike community property, doesn't necessarily assume that property will be divided 50/50, but that negative and positive monetary and non monetary contributions can affect the way a judge would divide property between the parties. Things like adultery (a negative non monetary … [Read more...]
