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Holding on to your business during divorce

Divorce can be a complicated matter that encompasses a wide range of issues. There is the emotional element for spouses as well as other family members that come from terminating a flawed marriage. However, marriage is also a legal agreement between two people recognized (for legal and tax purposes) by the government. This can get much more complicated if one of the spouses is a business owner or they share ownership of a business.

California property division governed by laws of community

The one who earns the most in a marriage is likely the one who may have to fork out alimony and child support payments. When it comes to property division, though, there are certain states, like California, that follow the laws of community property, meaning that all property obtained while a couple was married (with a few exceptions like gifts to one person or an inheritance) will be deemed owned equally by the couple. Other states -- 41 to be exact -- follow what is known as equitable distribution, meaning that all marital property will be divided fairly, but not necessarily equally. 

Property division after divorce: Understanding the process

No matter how long a couple has been married, divorce can be an arduous, lengthy process. A couple divorcing in California who have amassed a sizable number of assets -- some of which may include property -- may not be aware of the ins and outs of the state's property division laws. If the divorce is fraught with contentious issues, the process can become especially complicated. 

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Langlois Family Law, APC
23632 Calabasas Rd, Suite 104
Calabasas, CA 91302

Phone: 818-225-9900
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