Protecting Your Financial Interests
Absent a prenuptial agreement, a business is considered community property in Arizona if it was started during the marriage — even if only one spouse’s name is on the business documents. If the business was started before the marriage, any increase in the business’s value during the marriage is community property. Any business may have value, even if it is a home-based consulting or service business that cannot be sold.
If a divorce is in your future, it’s important to prepare yourself by gathering financial documents and making sure business records are up to date. Our lawyers have a network of business evaluators that we use to determine the fair value of the enterprise in divorce. Money spent valuing a business is tax-deductible.
Depending on the specifics of your case, there may be legal steps you can take to protect your financial interests. For example, if you own a business and are planning an expansion, you may want to put those plans on hold until after your divorce. If you are concerned that a spouse may remove cash or assets from a business, you can protect assets with a restraining order.
Contact Our Phoenix Business Valuation Attorneys
For more information about business owners and divorce, contact us to arrange your initial consultation. Call 602-626-9552 or 800-409-0262. We look forward to hearing from you.