Complex Divorce Business Asset Division Assistance

Last updated on August 19, 2024

When a business owner’s marriage ends, there can be significant financial implications for the company. Like any other valuable asset, your business could be subject to division. Ensuring your business interests are protected is crucial to yourself and the business too. At McKinnish Law Group, we understand the complexities involved in dividing business assets during a divorce. Our attorneys are dedicated to preserving your business and financial rights throughout this challenging process.

We are a trusted law firm with over 20 years of combined experience in family law. Our team is known for aggressively protecting our clients’ interests. We are always there for our clients, offering personalized attention and tailored legal strategies. Our lawyers are committed to achieving the best possible outcomes for you.

Property Division In Tennessee

In Tennessee, property division during a divorce can be particularly complex when it involves a business. Depending on when it was founded or purchased, a business can be considered marital property, even if only one spouse directly contributed to its growth. This means both spouses may have a claim to joint ownership, regardless of who was more involved in its operations.

Handling Business Assets In Divorce

There are several ways to handle a business during a divorce, including:

• Sell and split proceeds: The business can be sold and the proceeds divided between both spouses.
• Buyout: One spouse can buy out the other’s interest in the business.
• Joint ownership: Both spouses can continue to own and operate the business together post-divorce.

Each option has its advantages, challenges and long-term implications. We will advise you of your options and work toward a settlement that honors your needs.

Business Valuation

Before any decisions can be made about the division of a business, an accurate business valuation is necessary. Business valuation is the process of determining the economic value of a business or company. It is necessary to figure out precisely how much each spouse’s ownership interest is worth. We work with leading business valuation experts to ensure that the valuation is precise and up-to-date. This step is crucial for fair property division and for making informed decisions about the future of the business.

Protect Your Business Interests

If you are facing a divorce that involves the division of a business, contact McKinnish Law Group at 865-229-9854. Our experienced attorneys will help you protect your business and financial interests.