How do I protect my business in a North Carolina divorce?
If you are an entrepreneur, you have likely poured your heart and soul – and your time and money – into making your business venture a success.
Unfortunately, all that passion for your business may have left your spouse feeling left out in the cold, and ready to file for divorce.
When it comes to entrepreneurs, the divorce process can be exceptionally complicated due to the difficulty of determining what the business is worth and how it should be divided. This section will cover some of the unique challenges an entrepreneur and their spouse might encounter when seeking a divorce in North Carolina.
There are several things to know when you are going through a divorce as an entrepreneur, and how it will impact child custody.
When someone owns a business, and they started that business when they were married, and then they go through a divorce, there needs to be an equitable distribution of the shares of the company.
The legal term for dividing a couple’s assets and debts is called equitable distribution. A four-step process is used to determine how to divide property in North Carolina: Identification, Classification, Valuation and Distribution.
Determining child support usually a pretty cut and dry process, but it is much more complicated when an entrepreneur is involved because it can be difficult to calculate income.
During the divorce process, you may need to value stock options decide how those are going to be divided. Often, this is one of the most difficult and complicated things to do in a divorce.
During your divorce proceedings, most of your property and debts will be divided among you and your spouse through a process called “equitable distribution.”
Many people feel the need to modify their alimony obligations when their small business becomes financially strained.
Due to the unique nature of entrepreneurship, many face complex issues that most divorcing couples don’t face.
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When a marriage ends, it is never easy. It can feel like there are a million things to consider — from the practical decisions about property and finances to the emotional heartbreak of ending a relationship.
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