Self-Employed Business Owner Divorce in Salem
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Divorce can be a complex process. However, if you own a business, divorce can be even more complicated. When you’re a business owner, your divorce isn’t only about your own financial future, but also the future of your business endeavors, partners, clients, and employees.
If you are a self-employed business owner, our Salem divorce attorneys at Pacific Cascade Family Law can help you determine what is at stake and what issues you might encounter through the legal process. Whether you own a business, a spouse of a business owner, or run a business with your spouse, we have the experience and skill to help you obtain a favorable resolution when the divorce is final.
Is My Business Considered Marital Property in Oregon?
Property division is one of the most difficult aspects of divorce. For many self-employed individuals, their business may be viewed as marital property.
Oregon is an equitable distribution state, meaning all marital assets are subject to division in an equal and fair manner. Since a business can be marital property, it must be properly valued prior to being divided. The court will account business income, assets, and the current market to determine a business’s true value. Business owners often need to hire valuation experts.
The following are the possibilities of property division for business owners:
- The business owner retains his/her company, but the other spouse is awarded more assets
- The spouse of the business owner might be entitled to certain compensation since he/she contributed to the business or the business was established during the marriage
- The spouse of the business owner may want to a share in the business
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Our team can provide experienced legal help with business valuation and other aspects of property division in Salem. We are committed to protecting the rights and best interests of our clients throughout the divorce process.
For more information, contact us to discuss your case today.
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