A Singular Focus On Family Law Matters

Denver Business Owners Divorce Attorney

Filing for divorce in Denver and the surrounding areas means that marital assets and debts must be divided between you and your spouse, along with resolving other issues. This takes on an all new meaning when you own a business. Here, you’ll learn more about the divorce process for business owners. If you have questions, schedule a consultation with the experienced Denver divorce lawyers of Stahly Mehrtens LLC.

Is Your Business Separate or Marital Property in Colorado?

When a divorce is filed in Colorado, all assets must first be classified as either separate or marital. Although it may be simple to think that if you started your business before you were married that it is considered separate property, it’s not necessarily that simple. There are certain factors that may have made some or all of the business interests or income marital property regardless of whether your made your spouse a partial or co-owner.

It is best to get legal advice from a Denver divorce lawyer for business owners so that you understand what to expect and what your options may be.

How to Determine the Value of Your Denver Business

Because your business or business interests are considered an asset, they must be valued if they are determined to be marital assets. Some of the most common ways that a business is valued is by:

  • Hiring a business valuation expert, such as a CPA
  • Performing an asset-based valuation
  • Performing an income-based valuation– this is a very common method used for professional service businesses
  • Performing a market-based business valuation
  • Using a combination of methods

Negotiating with Your Spouse

If it is determined that your business or business interests are marital property and once they are valued, one option you may have is to negotiate with your spouse so that you can take over their portion of the business or the business interests.

You may have some interest in other marital assets that they would prefer to have a full interest in. That may be a good place to begin the negotiation. If those assets do not add up to a fair amount, you may wish to add in other assets or money to ensure that what you’re offering is equitable in the eyes of the Court.

What If You’re Joint Owners or Co-Managers in Denver

If you and your spouse are joint owners or co-managers, it’s crucial to examine the working relationship and what options you may have should it impact the business in a negative manner. There are instances where couples make better work partners than spouses. However, if the business is suffering or if you believe it will suffer, you may wish to talk with your attorney or attend mediation with your spouse to determine what course of action you can take to minimize the impact on the business now and in the future. It’s imperative to consider how your working relationship will impact both clients and employees.

Contact a Denver Business Owners Divorce Lawyer Today

If you’re a business owner and involved in a divorce, make sure that you have the proper legal representation. Schedule a consultation with the Denver divorce lawyers of Stahly Mehrtens LLC now.