Divorce & Family Owned Businesses

California Business Division Attorneys

Deciding what to do with a family owned business during a divorce is never easy. Should the business close and the assets be split? If not, who should keep the business? Moreover, how do you calculate an accurate value for the assets?

The family law attorneys at Soheila Azizi & Associates, P.C., are experienced advocates for their clients facing division of a complex asset, such as family owned businesses. Contact our law office in Rancho Cucamonga, California, to arrange a consultation about your family owned business and divorce.

Family owned businesses developed during your marriage are considered community property in California. Like other property, a family owned business is part of the marital property and must be divided in the property settlement or court order.

Business Valuation

To divide complex community property correctly, each asset must have a monetary value. A family owned business is often unique and contains intangible assets, including your business' reputation and goodwill. Our law firm works with business valuation experts such as forensic accountants to determine the value of your business. We then use that value to negotiate for your interests in divorce mediation, negotiations and court.

We offer knowledgeable assistance to individuals and families who must divide substantial assets. When one spouse fails to disclose their business assets, we work to obtain an order from the court requiring full disclosure of all assets.

Closing Up Shop: Business Dissolution

Your business does not need to be dissolved to allow the assets to be divided. For example, one spouse may take all business assets, but let the other spouse take other community property — or financial assets — equal to their share of the business' value.

However, if you and your spouse decide that your family owned business cannot continue after your divorce, you may need the assistance of an attorney to help wind up and dissolve the business. We explain your options you so that you can make informed decisions when working through the dissolution of your business and the division of assets.

Contact us to schedule a consultation with one of our California family owned business and divorce lawyers today. We are your law firm for life.

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