There are a multitude of small businesses here in Louisville and across Southern Kentucky. When their marriages are coming to an end a business owner or licensed professional has many important interests to protect. This is why you need the divorce and family law attorneys at Dodd & Dodd who have decades of experience serving small business owners in a Louisville divorce.
Those who own a small business or are part of a professional practice will face substantial decisions during their divorce. Our clients who are small business owners in a Louisville divorce are looking to minimize the impact of the divorce on the business itself while ensuring they keep their business interest post-divorce.
The facts associated with property characterization and division in Kentucky are the primary concern of small business owners in a Louisville divorce. If you started or acquired your business or professional practice during the course of your marriage it will be considered to be a marital asset. Marital assets must be equally divided in a Louisville divorce.
If you owned the business prior to your marriage do you have a prenuptial agreement which protects your business interests? Have you considered a postnuptial agreement to establish and protect your vital interests in this matter?
The marital interest in the business must be established before the Court. This is based on a valuation which is usually conducted by an external expert. If each side hires their own expert there is often a lengthy dispute, mediation and ultimately litigation before the Court can establish the valuation of the marital interest in the company. Agreeing upon a single financial valuation expert can save a lot of money and time and make the process easier while still providing influence over the course of the valuation.
Ultimately, you may need to offset part or all of your spouse’s interest in the company. Small business owners in a Louisville divorce may be able to exchange equity in the family home or even retirement assets to accomplish this. Our skilled attorneys are often able to negotiate spousal payments which allow you to maintain a profitable and viable business while taking time to acquire your former spouse’s marital interest.
You need proven, skilled divorce and family law attorneys with extensive experience serving small business owners in a Louisville divorce. We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys.