North Carolina residents who are going through the process of a divorce and who have a variety of assets, including a business, might be interested in finding out how ownership of a business is handled during divorce cases. The first thing residents must understand is that a business is considered an asset so that during a divorce, it will be taken into account during the property division stage.
When it comes to ownership of a business, most courts address it the same way they address other forms of assets. If the business was built during the course of the marriage, courts will normally consider a way to divide the asset logically and fairly. If the business was built partly before the marriage or inherited by one of the spouses, the courts will also take that into account.
One thing business owners should never do is attempt to conceal ownership of the property as a way to prevent the other spouse from getting a portion of the business. If a judge realizes this is the case, there can be harsh consequences for the business owner, including having a longer, more expensive process. A lot of the anxiety caused by the division of assets during an divorce can be somewhat prevented if the couples sign an agreement that highlights what and how assets should be divided, including any jointly-owned businesses.
A business owner who is facing the end of a marriage may want to have the assistance of an attorney in ensuring that the company stays in operation after the divorce has been finalized. One method that the attorney may choose to pursue is the negotiation of a property settlement agreement that assigns other assets of relatively comparable value to the other spouse.