Chapel Hill, NC Divorce Lawyers For Business Owners

Key Takeaways:

• Divorce for business owners in Chapel Hill requires careful attention to distinguishing marital property from separate property, especially if business assets have been commingled during the marriage.
• Determining the value of your business is a critical part of the divorce process, and working with financial professionals ensures an accurate and fair assessment.
• Methods like mediation and arbitration offer efficient and private solutions for reaching a fair divorce settlement, without the complications of courtroom litigation.

If you own a business, it’s likely more than just a financial asset to you – it’s the lifeblood of your career, provides for your employees, and plays a pivotal role in the economic success of your community. After years of hard work and dedication, the last thing you want is for your divorce to jeopardize everything you’ve built. With the right legal guidance, you can protect your business and make the transition as smooth and stress-free as possible!

At Triangle Smart Divorce, we’re dedicated to finding the best path forward for your unique situation – which in most cases, is a path that avoids Court. Our Chapel Hill divorce lawyers for business owners understand how important it is for you to maintain control of what you’ve built, and going to Court is a quick way to give up that control.

Instead, we’ll help you make smart decisions, take advantage of alternative methods of dispute resolutions, and avoid critical mistakes that could put your business’ longevity at risk. Contact our firm today to book your initial consultation and learn more about how we can craft a tailored strategy to protect you, your business, and your future!

Distinguishing Between Marital and Separate Property in North Carolina

In North Carolina, marital property is subject to an equitable – not equal – division, while separate property remains with its original owner. However, when a business is involved, the line between marital property and separate property can be hazy. One reason is because business assets and marital assets are often commingled (mixed) throughout the course of a marriage.

Another reason is that, even if you believe your business to be your separate property because you owned it before you were married or inherited it, the growth of the business (for example, the business was once worth $50,000 and now it is worth $100,000) is likely going to be considered marital property because it took place while you were married and your spouse probably contributed to it in one way or another. It can get confusing and convoluted – we know!

Our Chapel Hill divorce lawyers for business owners help you get full clarity regarding what is marital property and what is separate property when it comes to your business, as well as other assets. Then, we can help you move forward with a strategy aimed at protecting those assets and seeking an equitable division.

Determining the Value of the Business

Another point of contention in a divorce that involves a business is determining what the true value of that business is, because it, in turn, affects what each spouse is entitled to. If there are disagreements between the spouses about what the value of the business is, things can turn very contentious, very fast. Our experienced Chapel Hill divorce lawyers for business owners frequently work with expert evaluators and financial professionals to make sure everyone is in agreement when it comes to the numbers. This also allows our Team to craft a robust strategy aligned with achieving your goals.

How Our Durham Divorce Attorneys Help Business Owners Protect Their Assets and Interests

As already discussed, we’re big proponents of avoiding Court – especially when an asset as valuable as a business is involved. Though there are many great Judges who preside in our local family Courts, the “system” can still be backlogged and inconsistent, at times, which is not ideal when you have a business to run and employees who depend on you. There are two alternative methods of dispute resolution which may allow you and your spouse to reach a swift, cost-effective, and private agreement:

• Mediation – This process involves you, your lawyer, your ex-spouse, and their lawyer working with a neutral third party called a mediator who facilitates discussion between both parties with the goal of reaching an agreement. Mediators cannot give legal advice, nor do they favor either spouse’s interests over the other, but they can help devise strategies that work for everyone – like buyout options, co-ownership agreements, reallocation of business assets, or compensation through alimony arrangements.
• Arbitration – In this process, a couple agrees to work with a skilled family law professional who takes the role of an arbitrator. The arbitrator hears evidence and arguments from both parties and their respective attorneys, then makes a legally binding decision – similar to the way a Judge would. Though you wouldn’t have as much control over the outcome as you would in mediation, you would still get a quicker, and more private, resolution than you would in Court.

Our Chapel Hill divorce lawyers for business owners can guide you through either of these processes successfully. However, you can count on us to be your fierce advocate in Court if litigation does become necessary.

Let’s Work Together to Protect Your Business and Secure Your Future in Divorce! Contact Triangle Smart Divorce Today

Running a business can definitely make a divorce more complicated, but that doesn’t mean it has to turn into a long, messy battle. We always aim to find peaceful solutions that keep you out of Court, but if protecting your business and family means going to trial, we’re prepared to fight for you every step of the way! Reach out to our Team today to book your consultation and learn more about how we can help you move forward.