Carlsbad Family Law Attorneys

Things to Consider when Dividing a Business During Divorce

When it comes to finances and divorce, there’s often no ideal outcome for both parties. If you and your spouse owned a business together, things can get even trickier. San Marcos Family Attorney John Griffith notes, “It can be very difficult to ensure a fair division of property, especially if you’re also splitting a business apart.”

To begin the process of finding out who gets what during the divorce, as far as your business is concerned, a few things must be determined. First among these is what type of property your business is considered.

What Type of Property Is Your Business Considered?

Under California law, there are three types of property during a divorce: community, quasi-community, and separate. (There is even another type, termed “commingling,” which is a combination of community and separate property.) When severing personal and professional ties from your ex, it’s best to consult with an experienced divorce lawyer, as each case is complex and unique.

Says Griffith, “When you’re dividing assets between your spouse, there can be a lot of grey area that gets tricky during the divorce proceedings.”

It’s common for courts to calculate the contribution percentage of each spouse to determine the appropriate allocation of assets.

To decide whether your business is considered community or separate, the following factors will be considered:

  • The date of your marriage
  • The date of valuation of the business during the divorce
  • The source(s) of the business’s funding
  • Each spouse’s business contribution

What Will You Do with the Business After the Divorce?

“While there is no normal outcome for splitting a business during a divorce,” notes Griffith, “there are several common options.”

Usually, if your business is determined to be community property, one of the following scenarios will occur:

  • Both you and your ex-spouse will continue as co-owners of the business. This may not be ideal, but it is equitable. If you and your ex part on amenable terms and are willing to keep the business alive, this might be a good option for you.
  • The business will be sold and you and your ex will divide the profits. If you and your former spouse decide that you don’t want to keep the company, it may be best to sell it and simply split the profits down the middle. If there is any bitterness or resentment during the divorce, this might be the fairest option.
  • One spouse will keep the business and the other will take his or her share (often in the form of other assets). If one of you wants to keep the business but the other doesn’t, this is another choice for a fair division. After your company’s value is determined, one spouse can basically buy out the other’s half.

As always, it’s best to seek professional advice on these matters, especially since there are so many intricacies involved in each case. Your lawyer may be aware of loopholes or special exceptions of which you may not be aware. It’s to your advantage to have your case handled in the most diligent manner possible.

Whether or not you’re dividing assets during your divorce, the proceedings can be daunting. For expert counsel, schedule a free consultation with John Griffith and his San Diego-based family law firm today in Carlsbad, CA. With skill and professionalism, the team can connect you with all the resources you need to get through the divorce as smoothly as possible.

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  • John N. Griffith, Esq., CFLS
  • Catie E. Young, Esq., CFLS
  • Amy J. Lass, Esq., CFLS
  • Shirin Asgari, Esq.
  • Eric Cowdery, Esq.
  • Jeffrey Wittliff, Esq.
  • Joshua Yee, Esq.
  • Shaudi Malekzadeh, Esq.
  • John N. Griffith, Esq., CFLS John N. Griffith, Esq., CFLS

    Partner

    John Griffith has practiced exclusively in the area of family law since 2009. John is a Certified Family Law Specialist certified as an expert in the area of family law by the California Board of Legal Specialization. Prior to opening Griffith, Young & Lass, he worked as the managing partner of one of the largest family law firms in North County San Diego.
    John N. Griffith, Esq., CFLS Photo
  • Catie E. Young, Esq., CFLS Catie E. Young, Esq., CFLS

    Partner

    Catie E. Young excels in child custody cases and move-away trials. She has a unique approach to child custody cases and clients of Griffith, Young & Lass tend to gravitate toward her in these cases. Since joining the firm, she has continuously brought her zeal and compassion to representing clients in child custody and domestic violence cases, and in December 2011, she became a partner at Griffith, Young & Lass.
    Catie E. Young, Esq., CFLS Photo
  • Amy J. Lass, Esq., CFLS Amy J. Lass, Esq., CFLS

    Partner

    Amy Lass, a certified family law specialist, was born in New York and raised in San Diego, California. Amy graduated from Cal Poly, San Luis Obispo in 2003 with a B.S. in Economics with a concentration in Enterprise Accounting. Amy went on to earn her law degree from Thomas Jefferson School of Law and graduated cum laude in 2006.
    Amy J. Lass, Esq., CFLS Photo
  • Shirin Asgari, Esq. Shirin Asgari, Esq.

    Associate

    Attorney Shirin Asgari has a broad spectrum of legal experience and has handled matters in family law, criminal law, business law, and national security law. Currently, she focuses on family law matters and is a strong advocate for the rights of her clients. She dedicates time and attention to the needs of each client and the unique circumstances their case presents.
    Shirin  Asgari, Esq. Photo
  • Eric Cowdery, Esq. Eric Cowdery, Esq.

    Associate

    Eric Cowdery earned his bachelor’s and Master’s degrees before earning his JD from Golden Gate University as part of the Honors Lawyering Program. He was admitted to the California Bar Association in 2013 and has been working diligently in the field ever since. Taking a personalized approach to each case, Eric Cowdery is committed to working with clients to help them through the often confusing and complex legal process of divorce.

    Eric  Cowdery, Esq. Photo
  • Jeffrey Wittliff, Esq. Jeffrey Wittliff, Esq.

    Associate

    Jeffrey Wittliff is extremely attentive to his cases and believes in thorough preparation and the value of regular client communication. Behind the scenes, he has an extensive background in research related to all areas of family law, propounding discovery when necessary, and negotiation to settle cases with opposing parties.
    Jeffrey  Wittliff, Esq. Photo
  • Joshua Yee, Esq. Joshua Yee, Esq.

    Associate

    Attorney Joshua Yeereceived his Bachelor of Arts degree in Political Science, from the University of California, San Diego. Joshua went on to receive his Juris Doctor degree from University of San Francisco. His experience working with a local Certified Family Law Specialist solidified his desire to become a family law attorney. Since becoming an attorney, Josh has exclusively practiced in family law.
    Joshua  Yee, Esq. Photo
  • Shaudi Malekzadeh, Esq. Shaudi Malekzadeh, Esq.

    Associate

    Shaudi Malekzadeh is a Carlsbad family law attorney at Griffith, Young & Lass, advocating for the rights and interests of Southern California families in a variety of family law cases, such as child custody, alimony, spousal support, and the division of community property. She is committed to delivering effective legal representation to our clients, aggressively advocating for their legal rights, and offering compassionate legal advice.
    Shaudi  Malekzadeh, Esq. Photo

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