Riverside Business Owners Divorce Lawyer

Riverside Business Owners Divorce Attorney

Divorce is difficult for anyone to go through. When dealing with the unique challenges of owning a business, the process of divorce can become even more challenging. Working with a Riverside business owners divorce lawyer can help streamline the entire process, allowing you to focus on your business and your mental well-being.

Work With an Experienced Family Law Firm in California

When a divorce happens, the outcome has widespread and lifelong effects. The team at Edgar & Dow has spent decades helping individuals and families in California get through their most stressful times in life.

Since 2004, we’ve fought tirelessly to secure the most favorable outcomes for those we represent. Our passion lies in giving our clients the legal knowledge they need to be in charge of their case. We frequently serve clients at the Riverside Family Law Courthouse on Main Street. We offer free consultations at any of our four offices.

How Divorce Could Affect You as a Business Owner

Over 19,000 Riverside residents were divorced in 2023. While the process can take a long time depending on your situation, it was designed to be accessible to everyone. Even if you feel alone right now, thousands of others have gone through what you’re experiencing. It’s important to remember you aren’t alone.

In 2024, there were 4.2 million small businesses in California. The largest small business industry was professional, scientific, and technical services, with 689,597 businesses in this category operating throughout the state.

When your business is threatened during a divorce, the stress can become overwhelming. Understanding state laws surrounding divorce can help you retain control of the situation.

During a divorce, couples work together to resolve their divorce issues, including how to divide their assets. Courts recognize two types of property during divorce:

1. Community property. Anything bought during marriage is considered community property, even individual income and debts. Courts divide community property between spouses equally during divorce.This means that if you started your business while married, you may have to share it with your ex, unless you can both agree on another option. Most couples choose to buy out the other. You’ll have to work with professionals to evaluate your business, and then pay your ex the difference.
2. Separate property. Any property gained before the marriage is considered separate property and isn’t divided unless it’s mixed with community property.

For example, if you owned your business before marriage but used money earned during the marriage to expand your business, that part of the business could be considered community property and divided between you and your ex.

It’s important to hire a business owners divorce lawyer during this time. They’ll have the necessary experience to help you with your unique needs during your case.

The Benefits of Mediation During a Divorce

Mediation is an alternative to court. This process is less time-consuming and costly than regular court hearings. During mediation, you’ll work with your attorney and your spouse to resolve your legal issues. A neutral mediator oversees these sessions and helps keep conversations healthy and productive.

They don’t make any legal decisions. Mediation allows spouses to control the outcome of their divorce issues by communicating together and submitting their agreements to the court for final approval.

If you can’t agree on your divorce issues, the case will proceed to court, where a judge will have the final say. It’s crucial for business owners to cooperate during mediation.

FAQs About Riverside, CA Business Owners Divorce Laws

What Happens During a Divorce if My Spouse Worked for My Business?

If your spouse worked for your business, they still have a legal claim on your business during divorce. Any community property that contributed to the growth of your business, as well as non-financial help, means that your business is now community property. The only way to truly protect your business during divorce is by having a strong prenuptial or postnuptial agreement in place.

Does a Prenuptial or Postnuptial Agreement Protect My Business During Divorce?

A prenuptial or postnuptial agreement can protect your business during divorce. It may explain that the business is solely yours, and if you get divorced, the business stays with you. This can be especially helpful in cases where your spouse helped work for your business. A postnuptial agreement can offer similar protections but is made during the marriage rather than before it.

What Are Alternatives to Buying Out My Ex’s Share of My Business?

Alternatives to buying out your ex’s share of your business during divorce proceedings can include selling the business and splitting the proceeds or continuing co-ownership. Working with your lawyer on a plan that works for your unique needs is crucial to protecting your business. What works for one couple may not work for you.

Can My Ex Access My Business Records During Divorce?

Your ex is allowed to access your business records during divorce, as California requires spouses to fully disclose their finances during the divorce process. This includes your separate property. If you try to conceal your records, there are severe legal consequences. Courts may award your ex a partial amount of the asset, or even the full amount, in certain cases.

What Do I Do if My Ex Won’t Cooperate During Divorce?

If your ex won’t cooperate during divorce, it’s important to stay calm. Arguing with them will only escalate the situation and make things worse on your end. Courts look at the communication between spouses during divorce, and any ill intent may be used against you. If your ex won’t work with you, it’s important to stay professional and let your lawyer handle the bulk of communication.

Hire a Riverside Business Owners Divorce Lawyer to Fight for Your Rights

Contact Edgar & Dow to discuss the full details of your situation. We offer free consultations to new clients at any of our four locations in California. During difficult times in life, you need a skilled and fierce legal advocate to manage your case. Let our business owners divorce lawyers in Riverside, CA take care of the legal side of things so you can focus on your well-being.