What Happens to the Family Business During a Divorce?

Dividing assets is almost always challenging in a divorce, but nothing is more difficult to divide than the family business. This is because a family business can provide daily income in addition to being a long-term asset.

Taking this income away from either party is comparable to getting fired from work just because a divorce happened. This creates a situation in which both spouses could suffer dramatic financial consequences, so the court has to look for equitable ways to divide the family business.

 

Let’s Talk About Value

All businesses have a value. This value is what the business would be worth if it were to be sold on the open market. There are several different ways to value a business. One is based on cash flow and profitability, while the other is based on the value of hard assets such as real estate or equipment. Typically, a certified public accountant or professional appraiser will value the business so that a judge can know its true value during the divorce trial.

Once a value has been established, the judge will need to know who has ownership of the business so that a value can be assigned to each person’s portion of ownership. In many family businesses, people other than the divorcing couple may have ownership stakes, so all relevant information must be disclosed.

 

One Spouse Can Buy Out the Other

In some cases, one party may want to buy out the other so that he or she can take over ownership and operation of the business. This is possible once the value has been established. Any debt that that party takes on in order to complete the buyout will be his or her sole responsibility.

If a buyout cannot be completed in one lump sum, it is possible to reach an agreement where payments are made on a monthly, quarterly, or annual basis. This can serve as residual income while the spouse leaving the business looks for work or other ways to replace the lost income with a new business venture.

 

Monthly Income

In other circumstances, neither party is willing to relinquish his or her ownership of the business. In this case, an agreement will need to be drafted that states how the divorce will impact each person financially:

• What will each person’s salary be?
• What role will each person play in the business?
• Will the ownership levels remain the same or do certain adjustments need to be made?
• What happens to the board and the voting rights of each party?
• Who will settle disputes that could impact daily operations if both parties cannot agree?

These are complex issues that are often sorted out with the help of an experienced family lawyer and a business attorney working in tandem. Interpersonal conflict can destroy a business, so it is critical that every issue be ironed out to ensure that the business remains viable.

If a divorce is particularly contentious, continuing to do business together may not be within either of your best interests.

 

Rancho Cucamonga Business Valuation Lawyer

If you are going through a divorce where the fate of your family business is at stake, you need the assistance of a divorce lawyer with experience in these matters. At the Law Office of Laurence J. Brock, we can help you determine what the value of your business is and what your options are for handling it during the divorce and beyond.

Give us a call to discuss your case in detail with no charge or obligation to proceed. Our number is 909-466-7661. You can also reach us online through the contact form below.

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Move-Away Cases Are the Most Complex Child Custody Disputes

Move-away, or relocation, cases are easily some of the most difficult child custody cases to resolve. If you are getting divorced and are staying in the same general vicinity, arriving at a custody agreement is far easier.

However, as soon as one or both of you decides to move out of the area, the case turns into a move-away battle. It’s a battle because typically one parent will be opposed to the other’s relocating since it can negatively impact time spent with the children.

The intensity and complexity of these cases make it important to work with an experienced family lawyer. At the Law Office of Laurence J. Brock, we represent clients who want to move and take their children with them, as well as those looking to keep them here when their ex moves.

An important factor to consider in these cases is that your current custody arrangement and parenting plan have a direct impact on what the outcome will be.

 

Sole Physical Custody

A parent that is awarded sole physical custody of a child is likely to be granted the right to relocate. This is because the parent already has decision-making authority for most areas of the child’s life and is the sole person responsible for providing the child’s care.

In this case, it is up to the other parent to prove that the move could harm the child somehow.

The burden of proof is on the parent that does not have custody but does not want the child to move. Evidence must be gathered demonstrating that a move would be detrimental to the child either physically, emotionally, or mentally. This information then needs to be presented to a judge so that a final ruling can be made.

 

Joint Physical Custody

If both parents have joint physical custody, the burden of proof shifts to the parent that wants to move. In this case, the relocating parent must prove that the move is within the best interests of the child.

This approach is entirely different. It can be equally difficult to prove, however, since the evidence must demonstrate how a move could significantly improve a child’s quality of life. Some examples of potentially persuasive evidence are described below:

• Higher Paying Job – With more income available to the family, better and more opportunities will become available to the child, along with a more stable environment.
• Superior Educational Opportunities – If the move is being prompted by a child’s ability to attend a special private school or go to public schools that are rated higher, it will be possible to demonstrate how this could be beneficial to the child’s future wellbeing.
• Increased Access to Medical Care – Moving to an area with better medical care may be important if a child is in poor health or in need of special services.
• Closer Proximity to Family – If a divorcing couple moved to a new state during the marriage, moving could result in reuniting with family for additional financial and emotional support.

 

Help from a Rancho Cucamonga Child Custody Attorney

In a move-away situation, both parents need to be represented by an attorney. These cases are complicated and require significant preparation and time.

If you currently find yourself on either side of one of these disputes, give the Law Office of Laurence J. Brock a call at 909-466-7661. You can also reach us through the contact form below, and someone from our office will contact you at your leisure to schedule a free, no-obligation consultation.

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Domestic Violence: What Can Be Learned from Giants Kicker Josh Brown

Unfortunately, domestic violence is a widespread problem throughout America. Depending on which report you read, one in four women will be a victim of domestic violence at some point in her lifetime. Abuse is widespread, and when you incorporate mental and emotional abuse, the numbers are even higher.

At the Law Office of Laurence J. Brock, we fight to gather evidence and prove domestic violence whenever victims come to us for help. It’s unfortunate, but domestic violence and abuse can be difficult to prove in court.

Since this crime is typically committed behind closed doors, there are often no witnesses to corroborate a victim’s story. Without police reports and photographic evidence, victims are often abused repeatedly for long periods of time without being able to prove what’s happening. If a third party witnesses emotional, mental, or physical abuse, it becomes far easier to prove.

However, a recent news story demonstrates that there are other ways to prove domestic violence.

 

The Case of New York Giants Kicker Josh Brown

The NFL has been under fire the past several years for not taking action against players accused of domestic violence. Recently, evidence came to light proving that New York Giants kicker Josh Brown had abused his ex-wife Molly.

Molly Brown provided police in King County, Washington, with written evidence of the abuse she had suffered through. According to Molly, there was a pattern of abuse, and Brown had abused her at least twenty times prior to their divorce. Apparently, Brown admitted to this in his journal saying, “I have abused my wife.”

 

A Confession in Writing

Additional journal entries written by Brown demonstrate the dark side of an abuser. He made statements admitting that he had “physically, mentally, emotionally, and verbally been a repulsive man.” In a separate email, Brown said that he had “objectified women and never really worried about the pain and hurt I caused them.”

Another of his entries stated, “Because I never handled these underlying issues, I became an abuser and hurt Molly physically, emotionally and verbally. I viewed myself as God, basically, and she was my slave.”

 

Many Possibilities for Evidence

While this case is certainly unique in the sense that Brown is a famous football player, it is no different from any other domestic violence case in the end. Society will often choose to ignore signs that abuse is taking place, which means that you can’t always count on the testimony of others to support your claims.

Instead, other forms of evidence, such as a journal kept by the abuser, can be used to prove the abuse that you are being forced to live through. Photographs of your injuries and recordings can also be excellent sources of evidence.

 

Help from a Rancho Cucamonga Family Lawyer

If you are being abused, know that you are not alone and that there is a way out. Filing for divorce can help you start your life afresh.

If you aren’t sure how to prove the domestic abuse you are experiencing, a family lawyer from the Law Office of Laurence J. Brock can help you develop a case to prove what you are going through and help you obtain a restraining order to ensure your safety.

To get started, arrange a time to meet for a free consultation by entering the form at the bottom of this page or by calling us at 909-466-7661.

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