Dissolving a marriage can be an intimidating process, especially for individuals in Colorado and elsewhere who own a business. In many cases, the family business can make up a substantial portion of a couple's wealth and will thus be a major focus during negotiations concerning property division. When facing divorce, a business owner may wish to know more about what to expect from the process and the available options to protect the future of his or her company.
The first step for an owner to take is to determine if the business is separate or marital property. If the business was founded prior to marriage and was not commingled with marital finances in any way, the owner may be able to retain sole possession of the business throughout divorce. However, if even a portion of the business is deemed marital property, it will likely play a role in property division negotiations.