West Chester, PA 19380
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Lee Ciccarelli is the founder and managing partner of Ciccarelli Law Offices with over two decades experience as a practicing attorney.
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The physical separation involved in a divorce can be obvious and expected, but the economic separation is far more complicated. If the divorce involves a business that the spouses own together, then that separation can become even more contentious.
Unlike most marital property that can be neatly transferred with a quick signature, a business that is jointly-owned requires far more careful consideration. While it is possible that two people who did not work together in marriage can continue to work together in a business, many couples in this situation often have to seek an alternative course of action.
If you are in the process of ending your marriage and you jointly own a business with your spouse, you will want to be sure to work with an experienced Pennsylvania divorce attorney. Ciccarelli Law Offices helps clients all over Chester County and surrounding areas in Philadelphia County, Montgomery County, Lancaster County, and Delaware County.
We understand the enormous emotional and financial value that a business has to its owners, and our firm will fight to get the most favorable outcome to any dispute over a business endeavor you jointly-owned with your spouse. Let us evaluate your case and discuss your legal options during a free consultation by calling (877) 529-2422 today.
When spouses who jointly own a business prepare to divorce, there are three alternatives to having a court decide which spouse will maintain control:
Much like any other property involved in a divorce, a business that is jointly-owned by the spouses may be equitably divided by the court. Keep in mind that the term equitably does not mean equally. Under Pennsylvania Consolidated Statute Title 23 § 3502, the following factors that are relevant to marital property could also apply to a business co-owned by spouses:
After a business valuation for divorce has been completed, some of the other factors that may be instrumental in dividing the business include:
In some cases, it may be determined that a business can neither be divided nor sold. It is important to have legal representation so you can give yourself the best chance of obtaining the most desirable outcome with regards to your business.
You should not have to completely relinquish control of a business that you helped build with your spouse even though you are in the process of a divorce. Ciccarelli Law Offices can negotiate to make sure that you either maintain control or receive fair compensation for your efforts.
Our firm helps clients from locations throughout Chester County as well as such surrounding communities as Lancaster and Columbia in Lancaster County, Cheltenham, and Norristown in Montgomery County, and Radnor and Middletown in Delaware County. Call (877) 529-2422 to let us review your case during a free consultation.