Businesses & Business Assets
Your business is arguably the most important property you own. A business can represent your entire livelihood, your income, and your future. You have likely dedicated many years of toil and sweat into creating and building your business to make it into what it is today, and you will likely wish to maintain it after your divorce completes.
This means that protecting your business during the property division process is crucial, and that you cannot afford to attempt to protect it alone. At Bilodeau Capalbo, LLC, our Rhode Island divorce attorneys have a vast amount of experience when it comes to property division and asset protection matters during a divorce, and may be able to help you secure your business assets. We take a unique, client-service centered approach that puts your needs and best wishes at the forefront of all our decisions, allowing us to pursue a satisfactory conclusion to your case.
If you need assistance protecting your business in the property division process, call Bilodeau Capalbo, LLC today at 401-300-4055 to schedule your free initial consultation.
In order to divide business assets in a divorce, the court will have to determine which of the assets are considered to be separately owned and which are “marital.” Marital assets are anything that was acquired during the marriage with joint funds, while separate property is anything that was acquired before or outside of the marriage, or through a separate gift.
There are four ways businesses are normally divided in a divorce:
One spouse “buys out” the other by trading other assets or property equal in value for their interests in the business, allowing it to be kept together.
The business remains intact with both spouses agreeing to remain business partners.
The business is sold by a neutral party and the assets acquired from the sale are then divided as part of the property division process.
The business is closed, the assets are liquidated, and the proceeds from the liquidation are then divided as part of the property division process.
If you are a business owner facing a divorce, contact Bilodeau Capalbo, LLC today and get the representation you need for your family law matter today.