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Will my business be considered community property?

by | Jan 8, 2017 | Property And Asset Division

Divorce is complicated enough, so when something doesn’t go the way you planned, it can make the process almost unbearable. Whether you are just getting married or getting a divorce, it is important to know the laws regarding property division. Because divorce is a possibility, it may be helpful to have some understanding of the process so you are better equipped should you find yourself going through one.

Property division can be contentious, and it is not uncommon for people to feud about what is theirs or what they deserve, including a business. In many cases, if the business was started prior to the marriage, it will be considered separate property. However, this is not always the case. Depending on the circumstances, the business may be considered community property.

When a property that was once considered separate becomes community property, it is often because it was maintained by both spouses during the marriage. For example, a husband started a business, but both spouses worked to keep the business up and running. One spouse may not technically be the owner or the one who started the business, but because they have worked to maintain it, it could be up for grabs in the event of a divorce. This may come as a surprise to someone who started a business and expects to retain it in the divorce.

Dealing with the various divorce legal matters can be stressful on all parties involved. On top of battling to control your emotions and possible disappointment about the marriage failing, a couple may find themselves feuding over property. Like any divorce-related dispute, one regarding property division can be resolved between both spouses, but it would be helpful to have an attorney assist you.