Dividing assets in a divorce is always complicated, but when a family business is involved, things become even more challenging. Whether you and your spouse co-own the business or one of you primarily manages it, it’s essential to protect your financial interests. Here’s how to navigate this complex situation.
Determine Business Valuation
The first step in handling a family business during a divorce is getting a professional business valuation. A forensic accountant or business appraiser can assess the company’s financials, assets, and future earnings. This valuation helps ensure a fair division of assets.
Decide on Ownership Options
Once the business’s value is determined, you and your spouse must decide on its future. Common options include:
- One spouse buys out the other – If one spouse wants to continue running the business, they may buy out the other’s share.
- Co-ownership – Some divorcing couples choose to continue operating the business together, though this can be challenging.
- Sell the business – If neither spouse wants to keep the business, selling it and dividing the proceeds may be the best solution.
Protect Your Financial Interests
If you’re the business owner, take steps to protect your interests, such as:
- Ensuring proper documentation of ownership and financial contributions.
- Reviewing any prenuptial or postnuptial agreements regarding the business.
- Seeking legal and financial advice to minimize tax consequences.
Work with a Family Law Attorney
Dividing a business requires legal expertise. A family law attorney with experience in complex asset division can help negotiate a fair settlement while protecting your rights.
Divorcing with a family business involved can be complicated, but with the right strategy, you can safeguard your financial future while ensuring a smooth transition.
What Grandparents Need to Know About Custody and Visitation
Grandparents play a vital role in a child’s life, offering love, support, and stability. However, when family conflicts arise—such as divorce, parental unfitness, or estrangement—grandparents may worry about losing access to their grandchildren. Understanding your legal rights regarding custody and visitation is crucial.
Do Grandparents Have Custody Rights?
In certain situations, grandparents may be able to obtain custody of their grandchildren, particularly if the parents are unfit due to:
- Substance abuse or addiction
- Neglect or abandonment
- Domestic violence
- Incarceration or severe mental illness
Each state has different laws regarding grandparent custody, so consulting a family law attorney is essential if you’re considering legal action.
Can Grandparents Get Court-Ordered Visitation?
If a parent restricts access to their children, grandparents may petition the court for visitation rights. However, courts prioritize parental rights, meaning grandparents must prove that visitation is in the child’s best interest. Factors considered include:
- Existing relationship between the grandparent and grandchild
- Child’s emotional and physical well-being
- Whether visitation disrupts the parent-child relationship
Steps to Take if You’re Denied Visitation
- Communicate with the Parents – Try to resolve conflicts amicably before pursuing legal action.
- Document Your Relationship – Keep records of time spent with your grandchildren and any attempts to maintain contact.
- Seek Mediation – A neutral third party may help resolve disputes without court intervention.
- Consult an Attorney – If necessary, a family law attorney can guide you through the legal process.
While laws vary by state, grandparents who provide a loving and stable presence in a child’s life may have legal options to maintain that connection. Understanding your rights is the first step in protecting your relationship with your grandchildren.
