Protecting Your Personal And Business Interests During Divorce
It’s not uncommon for complications to arise when Indiana business owners divorce. Unlike many other states, Indiana property division laws do not designate property owned before marriage as separate property, which would prevent solely owned real estate and assets from being subject to division.
Rather, everything owned by either spouse at the time of divorce is considered marital property. This list may include gifts, inheritances and businesses. If you are contemplating divorce and your business interests are at stake, a skilled attorney can help you protect your financial interests at a critical time.
I am attorney Mary Beth Mock, and I am ready to use my decades of family law experience to assert your rights in property division negotiations and disputes. Contact my Madison office to arrange your consultation and begin planning your legal strategy.
Be Aware Of The Legal Challenges You Could Face
Choosing to represent yourself during a divorce can be risky especially if the outcome of your property division agreement will have a significant impact on your commercial and personal well-being.
If you and your soon-to-be ex cannot reach a consensus on how your property, assets and debt should be divided, it is up to the court to determine this allocation. When deciding how to award or divide a business, the court does consider the involvement of each spouse in running the business, whether the business was owned by one of the spouses prior to the marriage. However, there are no guarantees.
In addition, you may not be able to rely on a previous contract to protect your business investments. Even if you signed a prenuptial agreement, changes in the business since the drafting of the agreement or a poorly drafted agreement may cause issues when it is time to divide marital assets.
Strategies For Property And Asset Division
When you retain me, I will draw on my legal insight to determine the most effective approach for your unique circumstances.
Options that we may consider when developing your property and asset division strategy include:
- Selling the business to a third party and dividing the proceeds
- Allowing one spouse to buy out the other’s stake
- Running the business jointly after the divorce
Should both parties agree to run the business together, I am qualified to design a contract that spells out each party’s roles, obligations and stake.
I work with area experts to establish fair market value of property and assets, so you can be certain that the contract you sign is fair. Beyond profits and expenses, business valuation experts typically examine:
- The property the business sits on
- The buildings, machinery and other physical assets within the building
- Intellectual property and licenses
- Vehicles used for dual business and family purposes
Putting a price tag on your business and your sweat equity can be a complex task; however, my team and I have the resources required to handle this challenge. We will make it our mission to secure a full and favorable outcome for you.
Contact The Law Office of Mary Beth Mock Today
Learn more about my qualifications and how I can assist you during a private consultation. You can arrange your meeting with a proven divorce lawyer by calling 812-913-9975 or completing my online form.