Divorce is a difficult endeavor made more complicated when business or farm assets need to be valued and equitably divided. Determining the exact value of the property, any buyout options, and the equitable division of all business assets is a necessary process in divorce. Identifying the value of a business interest can be an expensive, lengthy, and complicated endeavor. Dividing that value can be even harder, due to partnership agreements, differences in the parties’ skills and business acumen, family entanglements, or other reasons.
Our North Dakota divorce attorneys have experience helping couples navigate the changes that come with divorce and are familiar with issues, systems, and entities that may be foreign to you.
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In some divorce cases involving business, farm, and property assets, one party will elect to buy out the other party’s interests. Buy-outs or payment plans can involve either a single payment or payments made over time (e.g., monthly or annual payments). When payments are made over time, the paying party must usually pay interest and provide security for the payments, too.
Yes. In North Dakota, all property owned before and during the marriage is subject to valuation and division unless specifically outlined in a premarital agreement. How to divide that value fairly is determined by the parties with the help of their attorneys or, when they can’t agree, by the courts.
The simple answer is no, divorce will not affect the customer-facing view of your business. However, businesses are considered marital property in North Dakota and are thus subject to equitable division during divorce. You should seek a knowledgeable attorney to help you hammer out the details associated with asset division to not compromise your business.
Speak with a divorce attorney today about how you can get the maximum equitable value for your business assets in your divorce. We’re a family law office in North Dakota dedicated to providing divorcing couples legal guidance in all aspects of asset, business, and property division during and after divorce.