Durham, NC Divorce Lawyers For Business Owners

Divorcing as a business owner in Durham, North Carolina requires strategic legal planning to preserve your company’s longevity and secure your financial future. Our experienced Durham divorce lawyers work to safeguard your business, help you to make sure it continues to thrive in the next chapter.

Key Takeaways:

• Because some privately-held businesses often involve personal finances intermingled with business finances, it can be complicated to delineate between the two and obtain an accurate valuation. 
• Our Durham divorce lawyers for business owners develop customized solutions – such as buyouts, co-ownership agreements, and asset reallocations – to minimize disruptions and prevent unnecessary division of business assets.
• Partnering with legal professionals who understand both North Carolina family law and the intricacies of business operations is essential to navigating this transition successfully.

If you own a business, it likely represents something more than just your source of income – it supports your employees and their families, shapes your financial future, and contributes to your community’s growth. With years invested in getting to where you are right now, you can’t risk your divorce throwing it completely off-course, and with the right legal support backing you, it doesn’t have to. 

As a business owner, the stakes are higher, and one wrong move could have lasting consequences for you, your employees, your stakeholders, and others. Our Durham divorce lawyers for business owners offer guidance based on 200+ years of combined experience, putting you, your family, and your business in a position to thrive post-divorce. 

As a small business ourselves, we understand what’s at risk. Get the peace of mind you need to move forward today! Call Triangle Smart Divorce to request your initial consultation and learn more about what comes next. 

Understanding the Unique Challenges of Durham Divorces Involving a Business

Owning a business presents three major obstacles in a North Carolina Divorce:

1. Distinguishing between personal and business finances. Oftentimes, business owners mix personal and business funds, making it tough to determine what is separate property and what is marital property for the purpose of division. 
2. Protecting business assets from division. Dividing a business or its interests is rarely ideal, yet avoiding this outcome in divorce can be challenging due to the way North Carolina’s property division laws work, especially if there is no prenup or postnup involved. Here, marital property (including business assets) is subject to equitable division, which does not always mean an equal 50-50 split. 

All of this means that your spouse may be entitled to a portion of your business’s value, and if you don’t have the assets to offset the division or buy out their interest, its stability might be in jeopardy. 

3. Valuing the business. Nearly every aspect of a divorce involving a business will hinge on the value of said business. However, this can cause conflict because there are many factors that must be considered when determining its true worth, and there are different valuation methods that can be used (which may not always align with each other). Therefore, spouses may end up in disagreement over what they are entitled to. 

Our Durham divorce lawyers for business owners work closely with you to anticipate these challenges before they arise and develop strategies to minimize any conflict they may stir up. We also frequently collaborate with financial professionals to ensure we’ve analyzed things from every angle. 

How Our Durham Divorce Lawyers for Business Owners Take a SMART Approach to Business Asset Protection

We understand that one-size-fits-all solutions don’t work when it comes to protecting your business during a divorce, because every business and business owner’s circumstances are different. Most business owners we work with prefer to reach an out-of-court agreement through mediation or arbitration, as going to court is a long, tedious, and expensive process that ultimately leaves the fate of their business in the hands of a judge.

Going to court is hardly ever the best path forward, especially with a business at stake. Our Durham divorce lawyers for business owners will do everything we can to help you avoid it, including leveraging hardball negotiation tactics and tailored legal strategies, which may include:

• Buyout Options: an arrangement in which one spouse retains full ownership of the business by buying out the other’s share
• Co-Ownership Agreements: an arrangement in which both spouses maintain joint ownership of the business post-divorce
• Reallocation of business assets: an arrangement in which one spouse offsets the value of their share in the business by reallocating other marital assets during the property division process
• Higher spousal support agreements: an arrangement in which one spouse increases the other’s share of spousal support (alimony) to compensate for retaining full ownership of the business

Learn More About How Triangle Smart Divorce Can Help You Minimize Disputes & Maximize Stability! Let’s Find the Right Path for Your Divorce Together. Call Now!

Though owning a business adds a layer of complexity to divorce, it doesn’t mean yours has to be chaotic or dragged out by endless conflict. We’re always searching for amicable ways to resolve conflict and keep you out of court, but if litigation becomes the best path for protecting your business and your family, we aren’t afraid to take an aggressive approach and be your advocate in front of a Judge. 

Even if you’re still weighing your options, consulting with us early can give you time to thoroughly understand and consider your options. Call today to schedule a consultation and take control of your future!