As a Pennsylvania business owner, you may believe that your business is separate from your personal life. After all, most put in an effort to ensure that your personal assets are separate from business assets. However, if you are in the middle of a divorce, all of your assets, including your business become a personal issue. Here at the Law Offices of Campana, Hoffa, Morrrone & Lovecchio, P.C., we understand the complexity of divorce cases involving businesses.
Many conditions may impact your divorce. Forbes suggests that if you are the sole owner of the business, then all of your documents need to reinforce that fact. Records of how much marital or premarital money set up your business, paid bills or fed into the business’s funds will determine your spouse’s entitlement to compensation or a share in the business.
A business is a complicated and valuable asset. It is common that two parties will not agree on the division of said assets. While your interactions with your spouse should remain productive and positive, you have to attain an accurate value of your business if you hope for a fair settlement. In addition to splitting your assets fairly, you do not want the divorce to interrupt business as usual. If you have a contract that specifies the division of business assets in the case of a divorce, you may resolve the case quickly.
If you are in the unfortunate position of divorce as a business owner, there are options available to you that will not end your business. There is more information on this topic at our web page.