Comprehensive Family Business Division For Oklahoma Divorcing Parties
There are many variables in dividing a family business as a result of divorce, especially a family enterprise.
Factors That Determine The Fate Of A Family Business
Whether the business can be divided and how it could be divided has much to do with whether there were any prior agreements in place.
If a prenuptial agreement addresses what happens to the business in the event of a divorce, the result will be a much more straightforward approach to either division or keeping the company with one spouse. If there is a prior agreement with a business partner about what happens to the business if one of the partners divorces, the course of action will also be more apparent.
The Court’s Discretion
If neither are present and the family law matter lands in the hands of a family law judge, an Oklahoma court will exercise its discretion when determining the fate of a family business and consider factors that include but are not limited to:
- The length of the marriage
- The amount of involvement in the company by each spouse
- Each spouse’s influence on business operations
Using My Experience To Advocate For Your Interests
I am divorce lawyer, Nick K. Woodward, and at my firm, Woodward Law Firm PLLC, in Tulsa, I will help you explore your options.
With over 15 years of experience, I know that crafting a strategic approach to property division in a divorce as it relates to a family business is very important. It may be possible to keep the family business intact and compensate the other spouse with another asset of the same value.
The first task at hand is the valuation of the company considering:
- Tangible and intangible assets
- Financial documents
- Goodwill of the business
Reach Out Today. Free Consultations.
Schedule an appointment at my office to talk further about your family business and divorce.