Dividing the Business

When dividing a business as part of the financial settlement in a divorce,  care must be taken to understand the process for the decision making. Generally a family business is an asset and therefore a source of income for both parties.

Patricia Barrett, a certified divorce financial analyst makes these suggestions:
Determine if the business is community property (Does one person own the business or is it shared).  You may need an experienced divorce attorney to determine this.
If the business is community property you will most likely have these three options
1.     Both parties will own the business  jointly
2.     Sell the business and divide the profits
3.     One party keeps the business  and the second party gets equivalent assets from other sources of the estate.
This is definitely a place to use an experienced divorce attorney. Be sure not to try to make these important business decisions on your own. Consult an attorney with substantial business and family divorce experience.