When people are married, they are basically seen by many as a partnership in life, as they go through their lives together in a concerted effort to reach any number of different goals. However, there are also many couples who are involved in partnerships in the technical and legal sense, and these married couples could be taking on a significant amount of legal risk by doing so. This is particularly true if the couple ever decides that they need to pursue a divorce.
Specifically, the partnerships that exist between married couples across the United States involve business ownership. According to data available from the National Federation of Independent Business, there are currently more than one million husband-wife partnerships that co-own businesses. These businesses range in size from very small to very large, and they are also registered in different ways with different jurisdictions. Regardless of those details, what is not known is if steps have been taken to protect the business in the event of a divorce.
Married couples who own businesses together could be putting that business at risk if they decide to pursue a divorce and they have not taken steps to plan for such a possibility. That's because the business assets could be divided and could require steps that include selling the business or even closing it down if there is no solution available that allows the operation to continue.
San Diego Divorce Attorneys
If you and your spouse own a business together, you need to make sure that there are proper plans in place that can be executed should your marriage ever end. These can include buyout agreements and other strategic steps that will allow your business to keep running and any employees at the business to keep their jobs.
If you have encountered this situation and you need help finding a solution, you need to seek the help of San Diego divorce attorneys who have helped many business owners through this process. Contact the law office of James D. Scott today to schedule an initial consultation.