Experienced Family Law Lawyers Representing Spouses of Business Owners and Entrepreneurs throughout Ontario
In circumstances where one or both of the spouses in a relationship owns their own business(es), is self-employed or is an entrepreneur, a number of special considerations will arise in family law. Business owners will want to ensure that they are able to continue to operate their business during and after a separation or divorce. The spouse of a business owner will want to ensure that income from the business is properly assessed for the purposes of property division, child support and spousal support. With these and other important issues at stake, it is crucial for business owners and spouses to seek legal advice early in the separation process.
At Gelman & Associates, our team of highly knowledgeable lawyers has decades of collective experience representing business owners and spouses during separation and divorce. When representing our clients, our lawyers are passionate, driven and aggressive when necessary. In order to ensure the best possible results for our clients, we strive to understand the unique characteristics of every business involved in a family law matter. Our focus is not only on providing exceptional legal counsel but also a positive customer service experience from the moment you contact our offices.
DOs when Getting Divorced and You Own a Business Together
- Talk to both a divorce and business attorney.
- Immediately provide your divorce attorney with a copy of the business operating documents.
- Make reasonable efforts to maintain the status quo of the business.
- Consider any other business partners that may be stuck in the middle of your divorce.
DON'Ts when Getting Divorced and You Own a Business Together
- Don’t unfollow the business operating agreement and don’t interfere with your spouse’s rights under the agreement.
- Don’t sabotage the business or make an attempt to harm the community business.
- Don’t change the management or operation of the business without first consulting with your business attorney.
Important Considerations for Business Owners and Spouses
Business owners and their spouses often have special concerns when dealing with family law matters, including:
- how to best assess the value of a business for the purposes of property division;
- how to ensure the continuation of a business during and after a separation and divorce;
- how to best determine a business owner’s income for the purposes of child support and supposal support; and
- how to best operate or divide jointly owned businesses following a separation and divorce.
The lawyers at Gelman & Associates have the knowledge and experience required to handle such complex personal and commercial portfolios. We understand that all businesses are unique and will examine every aspect of your business in order to work toward the best possible resolution of your family law matter. When necessary, we will recommend a forensic accountant to ensure a fair valuation of property and income is made.
If you want to make it through your divorce hearing successfully, it’s so important to put your best foot forward and be totally prepared for every court hearing that happens.
Contact Our Family Law Lawyers Handling Business Asset Division in Six Offices throughout Aurora, Barrie, Downtown Toronto, Mississauga, North York and Scarborough
Contact Gelman & Associates to learn how our experienced family law lawyers can ensure the fair division of business assets during a separation or divorce. We provide our clients with the information and resources required to make informed decisions during a difficult period of transition. In addition to the extensive web-based resources available to our clients, all prospective clients are given a comprehensive family law kit during their initial consultation, with ample information and resources to help individuals understand and navigate the separation and divorce process.
Serving offices throughout Aurora, Barrie, Downtown Toronto, Mississauga, North York and Scarborough, our offices are easily accessible by transit and off-highway. In order to be accessible to clients and prospective clients, our phone lines are open Monday to Friday from 8 AM to 8 PM. Call us at (416) 736-0200 or 1-844-736-0200 or contact us online for an initial consultation.
FAQ: BUSINESS OWNERS AND ENTREPRENEURS
Yes, a business is considered marital property, especially if acquired during the marriage and with joint funds. If this is the case, then its value should be shared by the couple equally upon divorce.
The best way to protect your business during a divorce is to designate it as separate property in a prenuptial agreement. Your pre-nuptial agreement will serve as a protection because it ensures that your business is still a separate entity no matter how much your spouse contributes.
No, a limited company is not protected from divorce. Business assets such as shares in a limited company, assets owned as a sole trader, or an interest in a partnership can be considered part of your divorce financial proceedings.