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Divorce For Business Owners In Georgia

Georgia divorces can be complex, but the stakes are even higher when a business is involved. Divorcing business owners in Gwinnett County and Lawrenceville must navigate unique legal and financial challenges. Proper guidance is essential to protect company assets, ensure fair property division and maintain business operations.

Mark Hill Attorney At Law, LLC, has proudly represented countless business owners during the divorce process. We strive to find suitable solutions that protect your interests and provide free initial consultations.

Is Your Business A Marital Asset?

In Georgia, businesses acquired or expanded during marriage are often considered marital property. Even if one spouse started the business before marriage, any increase in value during the marriage may be subject to division. Courts examine financial contributions, managerial roles and whether marital funds were used for business growth.

Business Valuation In Divorce

Accurately valuing a business is vital in divorce proceedings. Business valuation involves assessing income, assets, liabilities and market conditions. Georgia courts often rely on forensic accountants to determine a fair valuation. The valuation method can significantly impact the final settlement.

Protecting Business Assets

If the business is considered marital property, courts may divide its value rather than the business itself. Common solutions include:

  • One spouse buying out the other
  • Offsetting the business value with other marital assets
  • Establishing structured payments

A well-drafted prenuptial or postnuptial agreement can help protect business interests in divorce.

Impact On Business Operations

Divorce can disrupt operations, especially if both spouses are involved in management. To prevent disputes, business owners should consider shareholder agreements, operating agreements or buy-sell agreements that outline what happens in case of divorce. Clear legal agreements help ensure the business runs smoothly, even during the divorce process.

Co-Ownership Issues In Divorce

If you co-own a business with a divorcing business partner, their divorce could affect company stability. Courts may award business shares as part of a settlement, potentially introducing an unintended third party into ownership. Business partners should proactively address these risks through operating agreements restricting ownership transfers or outlining buyout procedures.

Call Us Today To Protect Your Business During Divorce

Divorce involving a business requires careful legal and financial planning. Our experienced lawyers can help with this. We aim to negotiate fair settlements, minimize disruptions and act on your behalf in litigation if necessary. You don’t have to face the complexities of a divorce involving a business on your own. Call us today in Lawrenceville at 770-744-1133 or contact us online to arrange a free consultation.