Laguna Hills Business Owners Divorce Lawyer

Laguna Hills Business Owners Divorce Attorney

With a strong sense of community and ample outdoor recreational opportunities, Laguna Hills is a great place to live and run a business. With access to beaches and mountains, there are plenty of business possibilities. If you’re worried about the future of your business during a divorce, contact a local Laguna Hills business owners divorce lawyer.

Your Orange County Family Law Firm for Business Owners Divorce Cases

Since 1977, Minyard Morris has worked hard to build a team of dedicated, compassionate advocates for residents of Orange County. We offer a dual approach consisting of:

1. One-on-one attention from one of our 19 experienced family law attorneys
2. Weekly meetings where our whole team collaborates on strategies for our clients’ cases

Our approach enables us to offer creative and strategic approaches for our client.

With over 350 years of combined experience of our 19 lawyers are Certified Family Law Specialists. Working exclusively in Orange County has allowed us to build rapport with the local Orange County courts. Our deep local knowledge and exceptional negotiation and litigation skills enable us to meet the goals of our clients.

Laguna Hills Business Owners

In 2024, Laguna Hills had a total population of 30,887, which consisted of:

• 17,269 total labor force
• 21,408 total employees
• 23% blue collar
• 76% white collar

Laguna Hills had a total of 3,270 businesses, with a breakdown of:

• 5% had 1-4 employees.
• 75% had 5-9 employees.
• 26% had 10-19 employees.
• 84% had 20-49 employees.
• 65% had 50 or more employees.

Property Categories Recognized in California

Whether you initiated divorce proceedings or have been served with a divorce petition, as a business owner, your business assets can be divided based on the character of the business is. During the divorce, all your property and debts are divided, either informally through a negotiated agreement or formally by the a court.

If assets are determined by the court system, each spouse retains their separate property, and the community property is divided equally between both spouses. If you and your spouse work out a mutually acceptable agreement of the community property, the judge will approve it, even if it is not divided equally.

Per California’s business owners divorce laws, the courts divide property into four categories:

1. Separate property consists of the assets and debts you acquired before you were married or after a separation. You are considered separated, by California law, from the date either spouse first expresses a clear and absolute desire to get divorced and subsequently behaves in a way that still indicates a desire to end the relationship. Gifts and inheritances are generally considered separate property.
2. Community property encompasses all the assets and debts that were accumulated during the marriage but before the separation date. Community property can also include pension or retirement plans acquired during the marriage. Debts acquired during the marriage are also community property, even if they are only in one spouse’s name. Assets and debts acquired by one spouse, without the other’s knowledge, are still community property in most situations.
3. Quasi-community property includes the assets and debts that were obtained while married but living outside California. The courts treat these items the same as they do community property.
4. Commingling property consists of assets and debts that are part community and part separate property.

Approaches to Valuing Your Business

A Laguna Hills business owners divorce attorney will assist in determining the character of your business. How the business is characterized determines whether it is separate or community property. Possible categories include:

• Community property. If the business was purchased or began during the marriage, both the business itself and the income earned from the property are considered community property.
• Separate property. If the business was bought or started before the marriage, the business itself is considered separate property. Your spouse may still have a legal claim to part of the business if marital assets were used to maintain it or they provided aid toward it.
• Commingled property. If funds acquired before the marriage were combined with marital funds to purchase or launch the business, then it may be considered commingled property.

You are required to provide a valuation of your business during a divorce. Potential appraisal methods include:

• The income approach looks at the past earnings and profitability of the business.
• The market approach surveys similar businesses in the area that have recently been bought or sold. A value for your business may be determined from that of similar businesses.
• The asset approach assesses the total value of the business by valuing tangible and intangible assets. This method also factors in possible liabilities.

A skilled divorce attorney can make sure a professional valuation utilizing multiple methods is conducted, often involving a forensic accountant to ensure completeness and accuracy.. This provides an accurate assessment of the current value of your business.

Methods of Dividing the Business

If the business is community property, you must decide which method of dividing the business is appropriate for your future goals. Possible methods include:

• Buyout. One spouse pays the other for their share of the business.
• Asset offset. One spouse retains ownership of the business, while the other receives different assets of equal value.
• Shared ownership. Both spouses retain ownership of the business.
• Selling. The business is sold, and the proceeds are divided.

The choice between a buyout, asset swap, or sale has significant and lasting tax implications that must be part of the strategy.

Hire a Business Owners Divorce Lawyer

Going through a divorce as a business owner adds additional stress to an already emotionally charged experience. When you hire a business owners divorce lawyer from Minyard Morris, you get a reliable, experienced, and compassionate team. Contact Minyard Morris to set up a confidential consultation.