Garden Grove Business Owners Divorce Lawyer

Garden Grove Business Owners Divorce Attorney

Located in the heart of Little Saigon, Garden Grove is home to the famous Strawberry Festival. Year-round, you can enjoy local favorites at SteelCraft and the largest Vietnamese community in North America. This vibrant area offers many opportunities for local business owners. After taking the time and risk of starting a new business, don’t risk losing everything you’ve created during a divorce. Contact a Garden Grove business owners divorce lawyer.

Minyard Morris: Your Law Firm for Garden Grove Business Owners Divorce Cases

Working exclusively in Orange County, our 19 family law attorneys are reliable, experienced, and compassionate advocates for your goals. Minyard Morris believes in a client-centered approach, with one-on-one attention and strategies tailored to your needs. We also conduct thrice-weekly strategic collaboration meetings so you benefit from the 350 years of combined experience our team has to offer.

With our lawyers being recipients of the Best Lawyer in America – Orange County Family Lawyer of the Year, we are committed to reliable, experienced, and compassionate advocacy. We pride ourselves on our strong negotiation and litigation skills, along with our commitment to Orange County residents. As frequent authors of many family law topics, we offer strategic counsel on unique divorce situations.

Garden Grove Business Owners

In 2024, Garden Grove had a total population of 170,841. This encompassed:

• 91,351 total labor force
• 33,472 total employees
• 30% blue collar
• 69% white collar

Garden Grove had a total of 5,335 businesses, with a breakdown of:

• 03% had 1-4 employees.
• 43% had 5-9 employees.
• 32% had 10-19 employees.
• 55% had 20-49 employees.
• 68% had 50 or more employees.

Different Types of Marital Property

Before deciding how your business is valued and distributed during the divorce proceedings, you need to determine the character of the business. The property types, as defined in California’s business owners divorce laws, include:

• Separate property is any assets and debts acquired before the marriage began or after the separation. The separation date is the date either spouse expresses the intention to get divorced and then takes steps to that effect. Gifts and inheritances are generally considered separate property.
• Community property encompasses all assets and debts acquired during the marriage but before the date of separation. Assets and debts acquired by one spouse without the knowledge of the other spouse are also considered community property.
• Quasi-community property includes the assets or debts acquired during the marriage but in a state other than California. The California court system considers quasi-community property the same as community property.
• Commingling property is the assets and debts obtained through a combination of separate and community property.

Your business may be classified as one of these types of property based on when it was first established and if any marital assets were used during or after the business began. It could be classified as:

• Separate property. If you started the business before getting married or it was acquired as part of an inheritance, it is likely considered separate property.
• Community property. If the business was started after getting married, it may be considered community property. The income earned from the business is considered community property.

Business Valuation

Once you know which type of marital property the business is considered, you must determine the value of the business. A professional appraisal is critical, as that partially determines how your assets are distributed. You are also responsible for providing accurate financial disclosures. Several methods are used to determine a business’s value:

• Income approach. Looking at the projected earnings and profitability of the business.
• Market approach. The value of the business as a whole is determined by examining similar businesses that have recently been sold in the area.
• Asset approach. The total value of the business is determined by evaluating the tangible and intangible assets and debts.

A professional valuation can use multiple methods to come to an accurate value of the business. A knowledgeable Garden Grove business owners divorce attorney will find a skilled forensic accountant or similar professional to conduct a detailed valuation.

Methods of Dividing Business Assets

After you have an idea of the value of your business, you can decide how the business should be divided, along with the other assets. Which method of division you choose is partially based on whether you want to retain ownership of the business after the divorce. Common division methods include:

• Buyout. If you want to retain full ownership of your business but your spouse has a legal claim, you may choose to buy out their portion of the business.
• Asset offset. Another method of retaining ownership of the business, if your spouse has a legal claim, is to offer different assets of similar value.
• Shared ownership. If you want to retain ownership of the business and you and your spouse have a reasonable working relationship, you could both retain partial ownership of the business.
• Selling. If you do not want to retain ownership of the business, you may be able to sell it and divide the proceeds in the divorce. Each division method carries distinct tax consequences that must be evaluated as part of a comprehensive high-net-worth divorce strategy.

An experienced business owners divorce lawyer listens to the goals you have for your business after the divorce. Then, they will recommend a strategy for dividing your community property.

Hire a Business Owners Divorce Lawyer

When you hire a business owners divorce lawyer from Minyard Morris, you get an advocate who’s ready to advocate for your goals and interests. You’ve worked hard to build a successful business. Contact Minyard Morris for a confidential initial consultation.