How To Handle Your Business In Divorce

Business interests need to be carefully protected in divorce. Whether you individually own a business or you are a partner in a business, it can have an impact on your divorce.

At McBride & Drinkwine, LLC, in Denver, we understand the role that business interests play in divorce. Our attorney, Steven McBride, has in-depth knowledge of the business valuation process. He can guide you toward a fair resolution that ensures your current and future security.

The Business Valuation Process

After you come to us with business interests to address as part of your divorce, you will go through a process of gathering all the financial information pertaining to your business. This may take several weeks, but it is an extremely important part of determining how to approach your divorce.

Once we have a complete financial picture of your business interests, we can begin to determine the best path forward. While you will likely be able to maintain your ownership or partnership after the divorce, it may mean giving something else up. We will be strategic in our approach to ensure your best interests — and your business interests — are well-protected.

The Importance Of Full Disclosure

One of the most common — and detrimental — mistakes a person can make when handling your business in divorce is failing to disclose everything. Full disclosure of every aspect of your finances is not only important to reaching a fair agreement, it is also the law.

While it can be tempting in the moment to "forget" to report something, it will likely come back to haunt you. Because a full valuation of your business will be conducted, it is almost guaranteed that whatever you did not report will be found. If this happens, it will cost you more than if you had been upfront from the beginning.

You and your spouse are fiduciaries to each other under Colorado law. This means that you are required to deal with each other in a way that is fair and respectful — including by disclosing all known assets — throughout your divorce.

Learn More About Protecting Your Business Interests

In a complimentary consultation, we will learn about your business and explain how it could be handled in your divorce. Please call us at (720) 504-2569 or send us an email to schedule an appointment.