Business interests co-owned by a couple can turn property vision in a divorce complicated and confusing. In Wisconsin, all property, including business assets, obtained or made during a marriage is subject to 50/50 property division in a divorce. Although every situation is different, dividing a family business begins with characterizing the business as either community or separate property. Because of these complexities, it is always in the best interest of couples to hire Milwaukee divorce attorneys, particularly in high-asset divorces.
To characterize the business, courts will consider the date of the marriage and the business’ founding date, the kind and source of funds utilized for starting out and running the business as well as every spouse’s contribution to the business during their marriage. The business’s inception date, size, and kind will be factored into how the court system will treat it during a divorce.
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Available Options for Business Owners
If you own a big corporation, the family court may suggest dividing the stock, letting you retain control of the business without disruption. If you own a publicly-traded company, the split is less complicated because valuing the stock is done on the exchange. And because the stock’s ownership does not require former spouses to interact, the court can split the stock.
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But special regulations such as a franchise govern certain businesses. Other businesses such as medical practice or law practice require a license to operate. Such a requirement will change the way the court will address the business in terms of division. For instance, a medical practice can only be owned by a doctor.
In a divorce, a sole proprietorship is taken into account in its entirety. However, in a partnership, only the percentage owned by a divorcing couple must be split. Because of partnership agreements, some business interests may not be transferred in a divorce. Also, these agreements can fix the interest of one partner in the company and permit the purchase of the business by another party during a divorce.
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Getting Legal Counsel
Courts in Wisconsin can split business assets in a divorce in various ways, depending on the desires of the parties involved in the circumstances. Every case is unique and comes with complications. Thus, divorcing couples must consult a divorce attorney with experience valuing and splitting business assets during a divorce. The best attorney can help clients protect their business and pursue a positive outcome in their property division case.
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