Irvine Business Owner Divorce Lawyer

Irvine Business Owner Divorce Attorney

When a couple decides to dissolve their marriage, tensions, and emotions can run high, and several topics of contention may arise between the divorcing parties. This can be especially true in cases where a business is owned by one or both spouses. In a California divorce, a couple’s shared marital property is subject to an equal split under community property laws. If a business is part of that, you need the support of an Irvine business owner divorce lawyer.

At Quinn & Dworakowski, LLP, we understand the work you have put into the formation of your business. We can work to do everything possible to protect your hard-earned business and legacy in your upcoming divorce. Now is not the time to try to represent yourself or handle the complex legalities of a divorce on your own. When a business is at stake, the guidance and representation of an attorney are of paramount importance.

How Business Valuation Works in an Irvine Divorce

When a business is shared between a divorcing couple, it will likely be subject to community property division under California state law. Typically, a business is community property and, therefore, subject to an equal split if it:

• Is shared between a couple
• Was established by one or both of the parties during the time of their marriage
• Was created before the marriage, but saw significant growth during the marriage

In California, when a business is considered marital or community property, the couple may be required to do one of two things. After having the business valued, either:

• They will split it equally between them.
• One spouse will pay the other an amount in compensation that equals one-half of the business.

When a business is considered marital or community property, it is essential to hire a business divorce lawyer. They know how to have a professional and accurate valuation of the business conducted. This can be a complex process, as a multitude of factors can go into the final analysis of the business’s value. These include:

• The profits earned by the business
• The expected revenue
• The value of the property associated with the business
• The costs of business maintenance
• Debts owed by the business
• Other liabilities and assets involved in the operations of the business

Thankfully, our attorneys at Quinn & Dworakowski, LLP are highly experienced in the area of business valuation. Our firm also has the resources to procure various finance and accounting experts to properly appraise your business. Then, we can work to protect this value in your divorce.

Quinn & Dworakowski, LLP: Advocating for the Protection of Your Business in a Divorce

Some individuals think they can navigate the complexities of divorce and business valuation on their own. This is not a wise decision. Trying to handle a business divorce can be risky to the success of your business. It can even cause devastating harm that could ruin any future your business might have. At Quinn & Dworakowski, LLP, we are passionate about protecting your business throughout your divorce so that its success may continue.

How to Proactively Protect Your Irvine Business From a Divorce

If you are looking for ways to protect your business in a divorce in Irvine, the easiest way to do so is to establish a prenuptial agreement. Unfortunately, if the time has passed for this kind of agreement to occur, the case may become more complicated. However, there are still legal options available to you. At Quinn & Dworakowski, LLP, we can assist you in protecting your business through certain measures. These include the following:

• Establish yourself as the sole owner of the business and that the business is not transferable in a divorce. You may still be required to offer compensation to your spouse for their half of the business, however.
• Keep thorough records of all business-related matters.
• Make sure personal or marital finances are not used to purchase items, such as new computers or furniture, for the business.
• Keep all financials separate. Doing so can show that your business is separate property from the marriage. Doing the opposite, such as commingling funds, can result in your business becoming community property and, therefore, subject to an equal split.
• If your spouse is involved in the operations of the business, maintain that they are viewed as an employee. Make sure you have records showing that your spouse was paid just like any other employee has been.

FAQs About Irvine, CA Business Owner Divorce Laws

Who Pays the Attorney Fees in an Irvine Business Divorce?

In California, both spouses are required to pay their own attorney fees. There are few exceptions to this, however. Sometimes, the courts will rule that one spouse will be accountable for paying the attorney fees of both. Situations where this might arise include:

• The paying spouse displays behaviors that are deemed to go against the goals of the court, such as hiding assets.
• One spouse’s financial situation does not allow them to afford an attorney.

How Much Do You Pay a Divorce Lawyer in California?

In California, the cost of retaining the services of an attorney is typically based on a variety of factors involved in the case itself. These factors can include the:

• Complexity of the case
• Duration of the divorce process
• Involvement of any high-value and, therefore, contested assets
• Skill level, effort, and experience of the attorney

Is My Spouse Automatically Entitled to Half My Business in a California Divorce?

Typically, yes. In a California divorce, each spouse becomes entitled to half of the business’s value if it is considered marital or community property. However, you could argue against the business being considered marital or community property. Having the right attorney on your side can be crucial when arguing for this and other measures to protect your business.

How Long Does a Business Divorce Take to Settle in California?

In California, one cannot estimate the exact timeframe of a business divorce. There are several aspects of these cases, such as the valuation process, financial analysis, and potential divorce negotiations with your spouse. Other factors are out of your direct control, such as the court’s availability and the willingness of your spouse to negotiate.

Contact a Trusted Irvine Business Owner Divorce Lawyer Today

If you are seeking a divorce in Irvine and own a business, you will want to hire an attorney who is experienced in the world of business valuation. Our attorneys can assist in protecting your business and legacy from any negative impacts that may arise due to your divorce. Contact the offices of Quinn & Dworakowski, LLP, today.