Most people who get married expect the relationship to last a lifetime. In many cases, that is exactly what happens, even if some hefty challenges are encountered along the way. In many other cases, however, marital problems give way to divorce proceedings. If a spouse preparing to divorce also happens to own a business, property division proceedings can be complex.
Washington operates under community property division guidelines. This means, a judge overseeing a divorce case will typically split all marital property and debt 50/50 between spouses. Certain issues, such as if a prenuptial agreement was signed before the marriage, may affect the ultimate outcome of property division proceedings.
It is understandable that a business owner would want to protect financial interests in divorce. Some cases include spouses who are joint owners of a business, while in other situations, only one spouse owns or participates in a company’s functions. Which is which in a particular divorce could have a significant bearing on the financial outcome for both spouses.
Divorce does not always have to spark contentious, lengthy court battles. Those who are business owners, as well as those who believe they are entitled to a portion of a spouse’s business assets, may be able to avoid complications by relying on an experienced family law attorney for support. Most Washington attorneys are skilled negotiators, and most divorces are settled out of court, which means those concerned with business issues stand a good chance of achieving comprehensive and binding settlements by asking experienced attorneys to represent them.