{"id":18052,"date":"2024-04-03T09:42:35","date_gmt":"2024-04-03T14:42:35","guid":{"rendered":"https:\/\/gbfamilylaw.com\/?post_type=videos&#038;p=18052"},"modified":"2024-04-03T09:42:36","modified_gmt":"2024-04-03T14:42:36","slug":"what-happens-to-a-closely-held-business-during-a-divorce","status":"publish","type":"videos","link":"https:\/\/gbfamilylaw.com\/videos\/what-happens-to-a-closely-held-business-during-a-divorce\/","title":{"rendered":"What Happens to a Closely Held Business During a Divorce?"},"content":{"rendered":"<div class=\"embed-container video-single\"><iframe width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/Ney39wyim2M?rel=0\" frameborder=\"0\" allowfullscreen><\/iframe><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>When a business owner gets a divorce, the business will usually be part of the couple&#8217;s community property, meaning that it will be subject to the&nbsp;<a href=\"https:\/\/gbfamilylaw.com\/services\/property-division\/\">property division<\/a>&nbsp;process. The value of the business will be determined, and then it will be split between the two spouses. This can be done in a few different ways:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>One spouse can buy out the other&#8217;s interest, leaving them as the sole owner of the business.<\/li>\n\n\n\n<li>The business can be sold, and the proceeds can then be divided.<\/li>\n\n\n\n<li>Both spouses can agree to remain co-owners of the business and operate it together. This is a risky option that doesn&#8217;t work for many couples, but if your divorce is amicable, it might work for you.<\/li>\n<\/ul>\n\n\n\n<p>No matter which option you end up choosing, it&#8217;s crucial to be well-prepared for the process, which starts with making sure that you have plenty of documentation of the business&#8217;s value. You&#8217;ll also need an experienced&nbsp;<a href=\"https:\/\/gbfamilylaw.com\/services\/divorce\/divorce-for-business-owners\/\">divorce attorney<\/a>&nbsp;who can help you navigate the division of your closely held business and reach the best possible outcome. If you need a lawyer to help you with your divorce, contact Goranson Bain Ausley for a consultation today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this video, attorney Ryan Bauerle delves into the options for how a closely held business can be dealt with in the divorce process. <\/p>\n","protected":false},"author":78,"featured_media":18053,"template":"","tags":[],"class_list":["post-18052","videos","type-videos","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Happens to a Closely Held Business During a Divorce?<\/title>\n<meta name=\"description\" content=\"Navigating a divorce when you own a closely held business means figuring out a way to divide the value of the business between both spouses. 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