Having a business can be a point of pride in many California residents' lives. However, when a married business owner faces divorce, many concerns may arise about potentially losing a portion of the business assets during the proceedings. In the best cases, business owners could consider protecting business interests in divorce before the process begins.
Family businesses play a massive role in the U.S. economy, and millions of people across the country have a stake in the opening, operation and closing of these businesses. This includes employees, partners and clients that can span generations.
Recently, a report was released stating that millennials are the most entrepreneurial generation in history based on the high number of people born between 1980 and 2000 with aspirations to start their own company. In fact, nearly one-third of them already have, according to the report.
The division of marital assets is one of the most complex and emotionally draining aspects of divorce. Unfortunately, it can become even more complex and draining when there is a family business involved.
Did you know that roughly 3.7 million businesses were operated by husbands and wives in 2007? For these millions of people, the line between business and personal life is razor thin, if not non-existent. This can create quite a big problem if a husband and wife decide to divorce.
Owning your own business can come with many risks and headaches. However, it can also be hugely satisfying to be your own boss and to reap the rewards when your risk-taking pays off.