Dividing a family business in Nevada divorce proceedings
Nevada couples who are running family businesses may not feel wealthy at all, but their businesses could be extremely valuable when it comes to getting a divorce. Indeed, the asset division process when a family business is involved can be complicated and difficult to navigate — especially if one spouse considers the business to be his or her own personal property.
A lot of times, if one of the spouses owned the business prior to marriage and ran and managed the business during the marriage, that spouse may feel like he or she should not have to split the business assets. However, if the business grew and increased in value during the course of the marriage, those value increases will need to be divided in the divorce process.
Dividing a business might be achieved by getting one spouse to buy the other spouse out. In order to do this, the spouse who will keep the business may need to take out a business loan. However, in the divorce agreement, other arrangements might be made. For example, the other spouse might be able to keep his or her share of ownership and receive regular income distributions from the business. There are many ways to organize asset division when it comes to family businesses.
At the Kainen Law Group, we have helped numerous Las Vegas families navigate the process of dividing a business in their divorce proceedings. Our lawyers are available to speak with Las Vegas spouses about their unique situations in order to find the most appropriate legal solution to dividing a family business while protecting and defending their property rights.