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Own a Business? What to do if Filing for Divorce

The decision to get divorced can be extremely difficult for people who have built their lives together. Finally making that first step toward starting a new life can be emotionally draining, and can leave a person unsure of what comes next. No matter how tempting it is to just get the divorce over with, the decisions you make during this period will be difficult to reverse.

For divorcing couples that own businesses, a divorce can be more challenging. Whether the business is a joint operation run by both spouses or owned by either the husband or wife, finding a way to divide this property is often one of the more contested aspects of a divorce, aside from any child custody issues.

In Pennsylvania, marital property is divided equitably. That does not necessarily mean that there will be an even split for each spouse. Many different factors will go into determining how to fairly split the couple's property. Businesses will need to be examined to determine how much they are worth.

Unfortunately, this is not always as easy as it seems. Parties may try to hide assets, making it difficult for their soon-to-be ex-spouse to determine the full value. Accountants and other professionals can help parties learn if any assets are being concealed, ensuring that a fair split is made.

Couples going through a divorce may also need to figure out a business plan for the future. If the couple owns the business together, one side may need to buy the other spouse out, or the business may need to be sold to be able to divide the property between the parties.

Because this is such a critical step of a divorce proceeding, spouses need to know the options that they have available. Making the wrong decision may result in property being divided unfairly.

Source: Inc.com "Don't Let a Divorce Wreck Your Business" Mark Balasa, March 26, 2012.

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Gregory R. Gifford
  • RGS&G Firm News

    "Gregory R. Gifford, a partner at the Lansdale law firm of Rubin, Glickman, Steinberg and Gifford, P.C., was elected Vice President of the Montgomery Bar Association on January 13, 2017. Mr. Gifford is a past Director of the Association and has also served as its Treasurer and Secretary"Read more...

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Rubin, Glickman, Steinberg and Gifford has been a member of the local Penn Suburban Chamber of Commerce (previously known as North Penn Suburban Chamber of Commerce) for more than 25 years.

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