Any divorce in Colorado will be complicated with a litany of issues up for discussion. When there is a business at stake and the parties disagree as to how it will be divided and what the contributions were to make the business a success, it can explode into an outright dispute that will not only take time to navigate, but will cost a significant amount of money and capital.
For those who are business owners, having legal assistance to determine what is marital property and how to split the business is one of the most important factors in a reasonable resolution. Business valuation can be confusing. If, for example, one of the spouses started the business, the business was already in place or far along in the planning stages at the time of the marriage, that spouse will likely want to have the bulk of the business to remain in his or her possession.
The other spouse might believe that his or her contribution to the business by giving advice, being involved or simply taking care of other aspects of the marriage so the business owner could focus on it is worthy of a major piece of the business. Since this can be difficult to negotiate, understanding the law with marital property, separate property and other factors means legal assistance is critical.
There are many parts of a business that must be considered. If there were retirement funds, debt, assets, bank accounts – business and personal – and much more, knowing how to go over all of it with a clear understanding of what to look for can be difficult. This is especially true during the emotional time in which a marriage is ending, there might be children involved, and personal property that has nothing to do with the business is also in dispute. A law firm that is experienced in business matters for a divorcing couple, marital property, separate property and any other issue that comes up can help with a case and should be contacted immediately for advice and help.