Discussing Your Business Assets During a Divorce

As you progress through your divorce proceedings, you'll reach a point where dividing the assets will become crucial to determining the final settlement. If you have a family business, the lines between business and personal lives can often be blurred. That is why it is essential that you review all aspects of that business with your Virginia family attorney to insure a fair outcome. Virginia Family Lawyer

Nature of the Family Business

Part of your divorce proceedings can include depositions where you'll detail aspects of your marriage and property. Your attorney will be able to question you and your spouse. Before the deposition, you'll have an opportunity to review this line of questioning with your family lawyer. 

At first, you'll be questioned about the general nature of the business. This will include areas such as where you business is located, who your customers are and the amount of your annual payroll. You will also need to talk about the role your spouse played in that business. 

Business Management Structure

Your lawyer will need you to go on the record with regard to your business management structure. For instance, who in your company makes the important decisions? These decisions can pertain to hiring staff and purchases. You'll also have to discuss how your business conducts its finances and who handles the books. Additionally, the issue of compensation and company perks will be a part of the deposition. This is not the time to hide anything because your spouse will no doubt know everything.

Your spouse's attorney will have their chance to question you as well. However, you should be fully prepared to answer these questions thanks to your own practice sessions.

Let Your Family Lawyer Take Charge 

During the depositions, your family lawyer will always be by your side. They will also take the lead with the questioning to make sure all the details about the business are put on the table. Our lawyers have been successfully helping couples through divorces for many years. Call our offices today at 804-325-1245 (Richmond) or 757-941-4298 (Williamsburg) to discuss your situation.