Business Asset Division Lawyers In Berks County
A business owner going through a divorce is someone who is seeing a global impact on their personal and professional life. Small businesses, even major corporations, can be rocked by the asset division negotiations in divorce. However, with experienced representation on your side, you can take greater control of this difficult experience.
At Palange & Endres, P.C., we are lawyers for people in Berks County who are struggling with family law concerns. As business asset division attorneys, we work closely with business owners who worry about the impact their divorce will have on the company they have built. We offer the benefits of our more than 60 years of combined experience, our compassion and our legal insights to help you stay in control.
Asset Division Law In Pennsylvania
Pennsylvania law prescribes an equitable division of marital assets, and that means that there are many factors that go into how the court divides the property accumulated during a marriage. For homes, savings accounts, investment accounts and less complex assets, division is more straightforward. However, for a business, the division process is extremely complicated.
Business asset division often requires extensive forensic accounting to understand the full value and impact of a business on the marital estate. However, even just the value of the business is not going to end the discussions, because the impact of a divorce on a business will have to be considered:
- When the business was founded: If before the marriage, your spouse may not have a legitimate claim to a significant portion of the business. However, if so, it may be considered a major component of the marital estate.
- Commingling of assets: Business owners often bring the benefits of their business home with them. And if you commingle your personal and professional life, your spouse may then become entitled to a share of those benefits after your marriage ends.
- Contributions to the business: A small business is, quite often, a family business and both people in the marriage tend to contribute their time and labor to the upkeep and running of the business. If this is true in your marriage, then your spouse may have a greater share of your business than you think.
The complicated nature of business asset division is only enhanced by the often aggressive, angry discussions over the business and what each side “is entitled to.” As your business asset division attorneys, our goal is to provide you with compassionate, honest assessments about the filings and issues ahead.
We Will Protect Your Interests
A business is more than a job. It is your livelihood. It is something that you poured so much of yourself into that you must make sure it is properly protected and that’s what we do. Call us today at 610-674-0712 or send an email using this form to get started.