Is My Spouse Entitled to Half of My Orange County Business?
The American Psychological Association reports that 40 to 50 percent of marriages in the United States end in divorce. Pursuing a divorce is never easy due to the emotions involved and the complex process of dividing assets. If you own an Orange County business, determining if your spouse is entitled to half is best left to a divorce attorney experienced with California law. You’ve worked too hard to not protect your business. Consulting with an attorney without delay is a strategic move that may just guard your business against significant loss due to a divorce.
Separate vs. Community Property
California is a community property state. This means that any property obtained during the marriage is jointly owned by both spouses. Community property—and community debt—are generally divided in half as part of a divorce.
Separate property refers to any property you owned before the marriage. This type of property belongs to you, as long as it was kept separate after you married. Building your own business takes time. You’ve invested more than money; your business represents your time, sweat, and dedication. Whether your spouse is entitled to half of your business depends on when you started it and whether you added your spouse later.
Important documents such as a prenuptial or a postnuptial agreement are valuable documents in a divorce. If your spouse agreed to either type of document, the document is legal, and your business is part of the document, a prenup or postnup may help you.
Protecting your business during a divorce is a complex process. If you have questions regarding the separation of property in a divorce, contact the legal team at Pedrick Law Group.
Your Business and Business Partners
Business partnerships are not uncommon yet they can add an interesting component to divorce cases. Whether your business partner is married or decides to marry at some point during your partnership, their possible divorce can affect the business.
A business partner who decides to marry—or who is married—adds another spouse to the equation. How you define, form, and establish the legal documents regarding your partnership is vital to the survival of the business.
If your spouse worked in your business or supported it in any other way, they may be entitled to a significant portion of it in a divorce. A judge must sign any final divorce decree in California. Even if you and your spouse agree to a specific settlement, a judge may view your spouse as more of a business partner and grant them a larger portion of the business assets.
At Pedrick Law Group, P.C., we understand what a stressful time this is for you. With so much on your mind, it is difficult to concentrate on your business obligations. The anxiety and worry over losing what you have worked so hard to build can have a negative impact on your health.
Researchers from the John Hopkins Bloomberg School of Public Health discovered that people who live through divorce develop more chronic conditions, including:
- Heart disease
- Mobility issues
Additional research by the Journal of Applied Social Psychology found that ongoing conflict with a spouse can greatly affect your mental health. Business owners experience a higher level of stress due to the fact their business is their income. Time spent stressing over a divorce can have a negative impact on profits and client relationships.
That’s why discussing your divorce with the Pedrick Law Group as soon as possible is important for several reasons—one of which is your health. Our law firm serves Orange County and the surrounding areas. If you are facing or considering a divorce and you are a business owner, take action now to protect your future. Knowing you have an experienced California divorce attorney on your side affords you the peace-of-mind you need to concentrate on your work.
Divorce and Your Orange County Business
When you own your own business, divorce is especially concerning. Separating property is more than just your home—it involves your livelihood. At the Pedrick Law Group, we treat all our clients with compassion during this difficult time. Our experience has taught us that while each case is different, the stress remains all too real for everyone involved.
We work hard to secure the best possible outcome for you and your business. Reviewing the details of your partnerships and ownership takes time. The sooner you contact us, the sooner we can get to work for you.
You do not have to go through your divorce alone. Our knowledge of California divorce law is valuable to your case and our compassion can comfort you during such an emotional time. When you hire us for your divorce, you have someone protecting your best interests from day one. We remain by your side until a judge finalizes your divorce.
You’ve worked hard to build your business. Protecting it in a divorce is challenging due to California’s community property law. Let our legal team review your case without delay. We won’t stop until we provide the best solution for you, your divorce, and your business.
If you and your spouse are divorcing and you own an Orange County business, we can help you. Call the Pedrick Law Group now: (818) 528-4936 or contact us online.