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Protecting Washington business assets in divorce

On Behalf of | Oct 2, 2017 | Firm News |

It is highly unlikely that you entered marriage thinking that you’d someday wind up in divorce court. That doesn’t mean, however, that you weren’t thinking logically about the possibility of such, given national statistics on the topic. Perhaps you addressed the matter by signing a prenuptial agreement to protect your Washington business assets, just in case.

Now that more than a decade has gone by, and you’ve come to terms with the fact that your marriage is indeed headed for divorce, you may have many questions regarding property division issues that extend beyond your immediate concerns about the business you own. If you are one of many residents throughout the state who entered marriage with no signed pre-nup, your current situation may have you feeling a bit uneasy. Washington is one of only nine community property states in existence, meaning all your marital property will be divided 50/50 in divorce.

In order to determine what that means for your business, you’ll first have to obtain a business valuation. There are also options that may be available to help you retain full ownership of the business you worked so hard to build. For instance, some spouses agree to trade assets to protect the ownership of a particular piece of property, dwelling or company. In this situation, you would agree to keep your business while your spouse is granted assets of equal value.

If you believe your Washington business assets are at risk as you prepare for divorce proceedings, you may wish to discuss the issue with an experienced family law attorney. Beyond business-related problems, we are also fully committed to helping you overcome any obstacles that arise in other areas as well, such as those concerning child custody or alimony. Hansen Law, PLLC, can help protect your rights while providing knowledgeable advice and strong support to help you come out on top in court.