If you or your spouse or registered domestic partner own a business either jointly or in only one party's name, the division of this business property must be resolved in your divorce or the dissolution of your registered "domestic partnership". Whether you and your soon-to-be ex are active joint business partners, one of you is a business owner, or one is more involved while the other is maintaining a household, both may have claims on the business property.
To discuss divorce and division of business property with an experienced Oregon or Washington attorney, contact us at Jensen & Leiberan, Attorneys at Law.
Determining Value and Negotiating Division
During a divorce, our main objective is to protect your interests when dividing marital property. This can be challenging when a husband or wife is sole or partial owner of a business or if they are both joint owners of a business. Several questions may arise, including:
- How can the value of the business be protected during the process?
- How are the income, good will, assets and debts valued?
- Is division of interest between husband and wife based on the individual's contribution to the business operations and growth?
- Is it possible to maintain operations of the business or must it be sold or dissolved?
At Jensen & Leiberan, we understand the investment many couples have in a family business. It's often more than financial, it is also an emotional investment. During divorce or dissolution of a registered "domestic partnership", where emotions are already running high, it can be difficult to be objective when it comes to discussing division of business property.
As family law attorneys, we have built a solid foundation of legal knowledge and experience. For businesses with significant assets, we also work with professionals in the accounting and business valuation fields to fully discover and evaluate clear and hidden business assets and interests.
Tax Consequences of Divorce and Property Division
Ordinarily the distribution of property between divorcing spouses does not result in taxable income to either person. However, when there are business interests, passive income property, stock options, rental properties and other complex assets being divided between the spouses, the sale of those assets to satisfy the division of the property may carry separate tax consequences that must be taken into account when determining the after-sale value of an asset a party is receiving. It is important to knowhow those taxes will impact the value of an asset as well as the taxes you may need to pay related to the asset. At Jensen & Leiberan, we have years of experience dealing with the tax consequences of divorce and will help determine the taxes you may have to pay as a result of property distribution, or the tax benefit you may be receiving. We also have a list of experts to whom we refer you when you need a comprehensive picture of your tax situation.
To discuss your domestic relations matters with an experienced Oregon or Washington lawyer, contact us to schedule a consultation. With offices in Portland, we provide legal services to residents throughout the Portland metro area and the Willamette Valley.