Divorce Lawyers for Business Owners in Potomac, MD
Divorce for Business Owners in Potomac, MD
Facing divorce is a dreadful prospect for anyone. When you are the owner of a business, divorce casts your future into even greater uncertainty. Depending on your circumstances, your business could be at risk during your divorce – which is why you need smart legal strategy to protect it.
At Z Family Law, we are the go-to divorce lawyers for business owners in Potomac, and we have extensive experience helping people through complex divorce issues. If you are worried that your business is at risk, we can help.
If you are ready to get started, reach out to Z Family Law for a free case evaluation and learn more about how we can arm you with personalized legal strategies to safeguard your business.
What You Need to Know About Divorcing as a Business Owner in Maryland
When it comes to dividing assets, Maryland follows an equitable distribution model rather than a community property model. Equitable distribution means that marital property is divided based on what is considered by the court to be fair, as opposed to the community property model that divides property strictly 50/50.
If your business is determined to be marital property, you will need to fight through the legal process to protect your interests. Marital property is defined as any property you or your spouse acquired during your marriage with a few exceptions such as for gifts and inheritances. On the other hand, separate property is property acquired before your marriage and is therefore not subject to division.
If you are thinking you are in the clear because you established your business before your marriage, you might want to think again. Your spouse’s financial and logistical contributions to maintaining your shared home, caring for your children, investing in your company’s growth, and overall supporting you while you built your business, may mean they are entitled to a portion of your business under Maryland law.
If you aren’t sure what your spouse may be entitled to and what that means for the future of your business, consult our experienced divorce lawyers for business owners in Potomac.
We Are Divorce Lawyers for Business Owners in Potomac, And Here’s How We Can Help
When you are going through divorce as a business owner, Z Family Law will stand by your side and guide you through every aspect of the legal process, including:
- Business valuation: Establishing the value of your business with the help of expert business valuators helps legal professionals understand how your business will figure into your divorce. The current value of your business as well as your earning potential, among other aspects, are important.
- Negotiation: For many business owners, negotiating with their spouse (and/or their spouse’s counsel) to reach an agreement may yield the best outcome, allowing for both parties to employ creative solutions to dividing marital assets, including businesses. Negotiation allows you to retain control and is typically less expensive than litigation.
- Mediation: Mediation is another process for resolving asset division, spousal and child support, and child custody. During mediation, a neutral third party works to help both parties reach an agreement. Keep in mind that a mediator does not represent either party’s interests, so if you’re a business owner hoping to protect the company you’ve worked so hard to build, you may want to hire experienced counsel to represent you at mediation.
- Litigation: If you and your spouse can’t reach an agreement through negotiation and/or mediation, it may be necessary to go to court to resolve your divorce, especially when a business (or multiples businesses) is involved.
Along with these, there are other aspects of divorce that need to be addressed as a business owner, and Z Family Law can guide you with care and professionalism through all of them.
Let Z Family Law Guide You Through the Divorce Process
As a business owner, your divorce affects more than just you, and when the stakes are that high, you can’t gamble with the future. At Z Family Law, we help you protect your interests and forge the path to a better future for you and your business. If you are ready to get started, reach out to us to schedule a free case evaluation.
Frequently Asked Questions
Do I have to go to court in order to get divorced?
No. If your divorce is uncontested, meaning you and your spouse are in alignment on the terms of your divorce, you can settle out of court without the involvement of a judge (though you will still have to briefly appear in court for a short hearing to finalize your settlement and obtain a judgment of absolute divorce). However, we highly recommend every divorcing couple review their marital settlement agreement with a family law attorney before signing it, just to make sure you know what you are agreeing to!
How can I prove fault in my divorce?
If you want to allege some fault that led to the breakdown of your marriage such as adultery, abandonment, abuse, mental health issues, or substance addiction, you should do all you can to document the incident(s) including saving any kind of relevant communications such as texts or emails. Speak with our lawyers about your options, and we will begin the process of making a case for your interests.
Is Maryland a community property state?
No, Maryland is an equitable distribution state, meaning that any property acquired during the marriage (marital property) will be divided equitably but necessarily equally in a divorce.