A doctor with a medical practice, an electrician with multiple employees, and a sole proprietor of an IT company, all have one thing in common. They are each business owners, with the sole ownership interest in their business, which is not only their primary source of income but also their asset.
When either spouse in a married couple forms a business during the course of that marriage, the business is an asset subject to equitable distribution upon divorce. If one spouse owns a pre-marital business, established prior to a marriage, the only sure way to protect that asset is to have a prenuptial agreement signed well in advance of the marriage. Otherwise, the appreciation of that business’ value, attributable to the efforts of either spouse, will be subject to distribution upon a divorce.
One of the few fact patterns that can make a divorce complex is when one party is self-employed. You not only need to address equitable distribution of the asset itself, but issues concerning what true income is earned arising, often causing the need to involve forensic accountants. To assure that your rights in such situations are protected it is essential for you to have the support of any experienced divorce attorney who has addressed such issues time and time again. The attorneys at Shane and White, LLC have the experience to protect you if you are the self-employed as well as assure that you receive all your entitled to if you are the dependent spouse.