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Handling your business in high asset divorce

| Feb 5, 2021 | High-Asset Divorce

Running a business in Kentucky is difficult enough as it is without throwing divorce into the mix. Unfortunately, you may have reached a point where continuing on with your marriage is simply not possible. If so, you should be aware that as a business owner, you will be dealing with a high asset divorce.

Getting your business valued

Whether you plan to keep your business, divide it or sell and split the profits, you need to know how much your business is worth. Having it properly valued is an essential step. You should be sure to work with a professional who can help you understand the full financial picture of your business.

Of course, knowing how much your business is worth is only one factor you need to consider. For example, was your spouse’s name on any of the business’s paperwork? If not, you should also consider whether:

  • Your spouse ended his or her own career to help your business or raise your children
  • Your spouse sought out investors, entertained guests or otherwise furthered your business interests
  • The stability of your marriage helped support your business interests
  • Your spouse has positive economic prospects following divorce

These and other factors will affect how you deal with your business during divorce. However, dealing with your business is only one aspect of your high asset divorce. You will also need to deal with matters such as alimony, property division and maybe even child custody and support. If you want support during this matter, be sure to seek out guidance from professionals who are knowledgeable in Kentucky family law.