When you own a business in Kentucky, your business is most likely your pride and joy. It is also most likely your sole or chief source of income. Therefore, it makes sense for you to be concerned if you are on the brink of getting a divorce.
Having a business, generally a high-value asset, complicates a divorce proceeding in Kentucky for a couple of reasons. After all, you have to value your business and then divide the assets based on state law. The lack of a broad understanding of the law may end up costing you financially in the long run.
In some divorce cases, even though one spouse owns a business, the other spouse may have made major contributions to the business over the years, either through physical effort or financially. In this situation, when trying to calculate the value of your share versus that of your future ex, you will need to look at multiple factors.
These factors include when you purchased the business property and what the purchase price was. Other essential considerations include the amount and source of the business property down payment, the original and current loan amounts, and the source of funds for your loan payments, maintenance and improvements for the property. You must also consider the monthly revenue generated from the business.
An attorney's help
After considering the above factors, you and your spouse may be able to work toward a divorce settlement that reflects both of your wishes as far as the business property is concerned.
An attorney can help you to pursue a compromise on your property issues, such as the division of bonds and stocks along with the division of company assets, while keeping your needs/wishes in mind and complying with both federal and state requirements. You can accomplish this through an alternative process to traditional divorce litigation, such as mediation or collaborative divorce.
However, if you and your future ex cannot find common ground at the negotiation table regarding your business, further court intrusion is inevitable. A qualified attorney in Kentucky will defend your best interests in court to ensure that you get your fair share of assets. This will ultimately put you in the best position to succeed financially both now and in the years to come.