Divorce Lawyers for Business Owners in Rockville, MD
Divorce for Business Owners in Rockville MD
If you are a business owner facing divorce, it’s important that you understand the specific challenges you will have to navigate throughout the legal process. You might be under the mistaken impression that your business exists as an entity outside of your divorce, and that your marital dissolution won’t affect it, but you would be wrong. Depending on the circumstances, your business is likely to come directly into the line of fire.
As divorce lawyers for business owners in Rockville, Z Family Law understands how to navigate the legal process, with strategies designed to shield you from rulings that could fracture your business, compromise your growth, or jeopardize your financial future. We can guide you through the process, from start to finish, including determining the classification of your business, securing an accurate business valuation, preparing documents for discovery, and building a legal strategy to preserve your business. .
If you are ready to start protecting your business interests, reach out to Z Family Law to book your free case evaluation.
What You Need to Know About Divorce as a Business Owner in Maryland
Maryland is an equitable distribution state, which means that marital property is divided between a divorcing couple based on what is considered to be “fair” rather than what is strictly equal. Therefore, you have the potential to lose more assets than you retain–assets including your business.
As divorce lawyers for business owners in Rockville, one of the first things we will help you determine is whether your business (or a portion of your business) counts as marital property or separate property. Separate property is property that was acquired before your marriage and belongs solely to you, meaning that it won’t be split in the divorce. Marital property, on the other hand, describes assets that were acquired during your marriage.
Keep in mind that even if you established your business before your marriage, your spouse might still be entitled to a portion of its value–for example, if you used marital funds to finance your business, or if your spouse provided logistical support to allow you to grow your company.
Divorce Lawyers for Business Owners in Rockville: How We Can Help
If you are facing the division of your business during your divorce, Z Family Law can help you with the specifics, including developing a thorough strategy to protect your business and keep all of your hard work safe. We can assist you with:
- Business valuation: Understanding the value of your business is critical for understanding the specifics of asset division. A business appraiser will help you understand the fair market value of your business, including your potential future income.
- 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.
And more! There are so many elements that go into deciding asset division in a divorce, and business owners will have a more complex experience. When you work with Z Family Law, we will prioritize your best interests and fight for you to keep your business as your own.
Z Family Law Can Help You Fight For Your Business
If you are divorcing as a business owner, qualified legal professionals can help you understand your options and strategize to protect the hard work you have put into building your business. Our team has the experience to guide you through every aspect of divorce, including asset division as it pertains to your business. Reach out to schedule a free case evaluation and learn more about how we can fight for you.
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.