If a married couple decides to divorce, it can be difficult for them to divide their property. If they have a business together, there are several more factors they will need to consider.
Dividing the business
It’s important to determine the value of the business. Usually, this involves hiring a professional appraiser or expert who will determine the value based on the company’s assets, income, debts and the value of other businesses in the area. This is especially helpful if one spouse wants to buy the other spouse’s interest in the business.
Once the fair market value is determined, the spouse who wants to purchase the business can decide if they want to buy it in one lump sum or with payments over time. Sometimes, the spouses decide to continue co-owning the business after the divorce. The spouses also have the option to sell the business and divide the proceeds.
Divorce process
To start the divorce process in Connecticut, one spouse will need to file a petition and serve a copy of the divorce documents to the other spouse, who will have an opportunity to respond.
Both parties will gather information about their assets, debts and other relevant information related to child custody, child support and property division that they would like to address. The court may encourage the parties to attend mediation to resolve any outstanding disputes before going to court.
A judge will decide any unresolved issues and then will issue a judgement of divorce. If spouses need help with the divorce process, there is assistance available.
