While 100% of the final division of your assets—to include your business—depends on the thorough, transparent valuation of your business and the judge’s final decision, most Orange County professionals want to know what to expect before the process begins. The answers to these and other frequently asked divorce questions can help you anticipate any hurdles during your divorce proceedings.
Q: What will a judge consider during a professional divorce in Orange County?
A: Primarily, a judge will consider the valuation of your business as well as if any aspects of the business are considered community property, according to whether the business was established during or outside the marriage. The judge will consider who the primary owner of the business is, including which names are on business registration documents and how much time and assets each spouse contributes to its operation. Finally, the judge will consider whether a prenuptial agreement exists that protects the business from division.
Q: Will my spouse receive half my business if we divorce?
A: If your business is an inherited family business or established before marriage, your spouse will not receive half as community property. However, if your business was established after marriage and your spouse participated in its operation, the court will determine the extent of each of your contributions to the business before suggesting division. In some cases, parties reach an agreement before a divorce trial becomes necessary, where one spouse retains control of the business, buying out the less-involved spouse. Consulting with an experienced divorce and family law attorney is the best way to weigh your options if your spouse is involved in the business’s operation.