Divorce and Spousal Business Partnerships

When you marry, you expect it to last forever. In reality, marriages often do not work out and you end up in divorce court. While every divorce requires a savvy attorney for each spouse, when the couple owns a business together, it creates additional complications.

This requires an attorney with both practice specialties. You need a lawyer who practices both divorce law and business law such as Tully Rinckey attorneys at law. This provides your case the strongest chance of prevailing in matters of division of assets and child custody.

In divorce matters where the couple equally owns a business and therefore, makes the same amount, the matter of alimony becomes complex. Under typical circumstances, the person earning the larger salary pays alimony.

This fairly provides potential lost shared household income to the spouse who earns the smaller salary.
Co-owners of any type of business though, complicate matters when they divorce. Certainly, one can divide the assets equally, but will both parties want to remain working together? One party may want to sell their shares to a new individual who does not already own a part of the business. This requires agreement from the co-owner at a time they are least likely to be agreeable.

Matters of divorce require deft handling. The process is only quick in Las Vegas. Just as marriage is a serious undertaking, so is divorce. Choosing an attorney who knows both areas of law well can help you keep the peace during the process. A peaceful, amicable divorce carries over into your interactions after the finalization.
Your attorney should ask you questions in your first meeting to know how to proceed. You might practice medicine. Your attorney should inquire if you work at a hospital or have a private practice. If the latter, they should inquire about partners. If your spouse is your partner and also in the medical profession, you need to handle the division of the business and the marriage using the same attorney.

Doctors provide one example. Attorneys, consulting businesses, real estate owners, grocery stores, restaurants, bakeries, etc. all fall under the same category. As long as both spouses own the business, you need the help of both types of attorneys.

Since divorce costs quite a bit, saving money helps. By hiring an attorney who practices both types of law, you save yourself from having to hire two attorneys. Call Tully Rinckey law today to learn more about the complexities of owning a business together and divorcing.

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