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Divorce & Your Business

At this time, I feel the need to write this article at this time because so few people are informed about their rights to a business that was owned during the marriage.

If you are contemplating a divorce action and a business is involved, many factors must be looked at and analyzed to determine the outcome of a business in a divorce action. Don’t make assumptions about who gets what as many factors must be analyzed to determine value to either spouse.  You might be surprised once we do an in-depth review of a business with a qualified expert.

A business can be looked at in different ways: is it an asset of the community (both spouses) that has value that can be found and divided between the spouses or can one spouse retain ownership? Or, is it a liability instead – if so who’s liability is it?  Further, can the income of the business be accessed for redistribution, stock buy out or support? These questions and more can overwhelm an individual and cause great stress in trying to handle it on their own.

Because the issue of what to do about a business is becoming more and more common in divorce actions in this locale, to better assist her clients on  the most recently litigated issues, Merrilee Parr attended the Idaho State Bar (Attorney) Conference on “Divorce and Businesses: Experts, Appraisals/Evaluations, Determining Self-Employment Income and Dissecting Tax Returns.”

The conference reiterated the importance of properly handling these issues and when to enlist the help of a business valuation. The courts are seriously considering the answers to these questions in divorce cases. A person contemplating divorce is wise to seek the advice of legal counsel who can assist them in determining the best approach to take. We can help.

Because of her longevity in the community, Merrilee A. Parr has witnessed the trends the court has taken over the years and can assist in exploring your best options when a business may become part of the divorce equation. Call Merrilee A. Parr at (208) 667-1227 to arrange to meet with her at her Coeur d’Alene office, located in the Fortus Professional Center.

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