If you’re facing a separation and divorce, you’re probably scared, confused or maybe overwhelmed. There’s so many things to consider, besides the fact that life is now upside down. It can be extremely scary if you own a business, especially if you’re property rich but cash poor. A divorce can make the difference in whether you keep the doors open or not. Get the help of a divorce lawyer in Irvine to ensure your business survives.
Community property is often hard to divide.
The more you own, the more susceptible you are to losing it all in a divorce. That doesn’t mean a spouse will get everything, but if you don’t have a lot of liquidity, settlement can be almost impossible. During the time of a divorce, particularly for a growing business, it’s not easy to get a loan for a buyout even if you’re in a comfortable position.
There are many different types of evaluations.
When you’re going through a divorce, there are a variety of ways to evaluate assets. Your bank has one method that’s often low. On the other hand, the representatives for your spouse will provide a very, very optimistic evaluation. You need someone that knows how to secure an evaluation that’s fair to you and a good divorce attorney can do that. The appraised value of the business dictates the amount you’ll have to pay to keep it.
Liquid assets may not be as easy either.
Everything counts in a divorce. While you might consider that liquid assets will be easy to divide, consider things like your 401-k or your pension. That takes some maneuvering through the tax laws and knowledge of both divorce law and pension law. A good divorce lawyer will help with the details. There’s a right way to handle pension plans and retirement funds to avoid penalties from the government. Legal help is imperative.
- Don’t come out broke just to keep the peace. You don’t have to fight when you have a good attorney representing you. The attorney handles the settlement to make your life more peaceful.
- Matters can be even more complex if you have children. The potential to lose custody is always there, particularly if you’ve been busy building a business.
- Bitter estranged spouses often look for areas that hurt you most to create more emotional upheaval. Whether it’s your business, home or child, a divorce attorney can help prevent some of the damage.
- Some times, it’s the small things that are important. Don’t let a spouse prevent you from securing your personal assets and mementos that you cherish. If you’ve been locked out of your home, a divorce attorney will help you retrieve those items.