A Focused Approach To Divorce And Family Law

Omaha family law attorney Matt Higgins is AV Preeminent* peer review-rated through Martindale-Hubbell, the highest rating, for legal abilities and ethical standards.

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A Focused Approach To Divorce And Family Law

Omaha family law attorney Matt Higgins is AV Preeminent* peer review-rated through Martindale-Hubbell, the highest rating, for legal abilities and ethical standards.

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A Focused Approach To Divorce And Family Law

Omaha family law attorney Matt Higgins is AV Preeminent* peer review-rated through Martindale-Hubbell, the highest rating, for legal abilities and ethical standards.

DIVORCE AND FAMILY LAW REPRESENTATION IN OMAHA, NEBRASKA

Dividing a business owned by one or both spouses undergoing a divorce can be complex and contentious. Nebraska is an equitable distribution state, meaning the court divides marital debts and assets fairly but not necessarily equally.

If your business is marital property, Nebraska treats it like any other marital asset during divorce proceedings. Determining the exact nature of your business assets and how they fit into the marital estate is a critical first step.

Determining whether the business is subject to division

Several factors influence the distribution of a business’s value. Considerations include whether the company began operations before or during the marriage and the extent of involvement by one or both spouses.

Understanding these nuances is essential:

  • A business started during the marriage is typically considered marital property.
  • If one spouse started the business before tying the knot, the increase in value during the marriage could be considered marital property.
  • An independent appraisal can provide an objective valuation for fair division.

Even if one spouse built the company, its value includes direct or indirect contributions of both. Equitable division includes both tangible and intangible assets.

Options for equitably dividing a company’s value

Divorce can cause significant anxiety for business owners and their employees. Many worry that the company won’t survive. While distributing these assets without harming the business can be a delicate process, options exist.

Here are common methods for spouses to consider:

  • Buyout: One spouse can buy the other’s share of the business by paying cash, trading marital assets of equal value or other arrangements.
  • Sell: Sometimes, the cleanest option may be to sell the business and divide the proceeds if neither spouse wants to continue running it or they can’t agree on a fair value.
  • Co-ownership: Both spouses may choose to remain co-owners post-divorce if they remain on good terms and maintain a high level of cooperation.
  • Distribute other assets: One spouse retains the business while the other receives equivalent value from other marital assets.

It’s also crucial to consider the tax implications, as different distribution methods can lead to differing tax liabilities.

Experienced legal guidance is essential

Dividing a business during divorce requires careful legal consideration. It’s important to seek guidance from an attorney who understands the intricacies of high-asset divorce and business valuation.

Working with an experienced attorney in a high-stakes divorce is crucial to receiving the most favorable outcome and avoiding long-term financial repercussions. Your lawyer strives to protect your interests and ensure an equitable division of assets.