Anaheim Business Owners Divorce Lawyer

Anaheim Business Owners Divorce Attorney

Anaheim is full of popular tourist destinations, such as the Downtown Disney district and Angel Stadium. Running a successful business here can be very rewarding. If the company you’ve worked hard to create is threatened by divorce proceedings, look for an Anaheim business owners divorce lawyer backed by a knowledgeable team. Minyard Morris will fight for your goals.

An Orange County Family Law Firm Experienced in Business Owners Divorce Cases

At Minyard Morris, we understand that divorce is rarely simple. During such an emotionally charged time, you want a team dedicated to professionalism, ethics, and integrity. We work to pursue your goals during the divorce process. With 19 dedicated family law attorneys, we utilize weekly strategy meetings to ensure proper advocacy for your interests. With our approach, you get personalized attention and the collective knowledge of all our attorneys.

We practice exclusively in Orange County, and our team has worked in the Orange County family law courts decades. Our divorce attorneys understand how each judge presides over their courtroom. We believe that having in-depth local knowledge enables us to serve our clients better. That’s why Minyard Morris is rated Platinum for Client Services by Martindale Hubbell, and we are frequently asked to lecture on family law topics.

Anaheim Business Owners

In 2024, Anaheim had a total population of 342,877. This sorts into:

• 190,567 total labor force
• 149,736 total employees
• 32% blue collar
• 67% white collar

Anaheim had a total of 14,828 businesses, with a breakdown of the following:

• 76% had 1-4 employees.
• 52% had 5-9 employees.
• 52% had 10-19 employees.
• 61% had 20-49 employees.
• 61% had 50 or more employees.

Determining Property Types

Whether you initiated divorce proceedings or have been served with divorce petition, as a business owner, how the state’s business owners divorce laws divide your business assets depends on what type of property those assets are considered. During the divorce, all your property and debts are divided, either informally through a private agreement or formally through a court order.

In California, the courts divide property into several categories:

• Separate property consists of the assets you own before you were married or acquire after a separation. Gifts and inheritance are also considered separate property. You are considered separated, for property considerations, from the date either of you first expressed a desire to get divorced. Furthermore, your subsequent behaviors indicated the desire to get divorced.
• Community property consists of the assets that were acquired during the marriage and before the date of separation. Community property also includes 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 and the other had no knowledge of the debt.

During the divorce process, each spouse retains their separate property, and the community property is divided equally between both spouses. If you and your spouse agree on an equal distribution of the community property, the judge will approve the judgment, even if it is not divided equally. The characterization of property is a primary reason many business owners seek prenuptial or postnuptial agreements.

Approaches to Valuing a Business During a Divorce

A business owners divorce lawyer can determine if your business is considered separate property or community property. How the business is categorized affects how it is handled during the divorce:

• Community property. Both the business itself and the income earned from the property are considered community property if the business was purchased or started during the marriage.
• Separate property. If the business was acquired before the marriage, the business itself is considered separate property.

Once you know which characterized your business falls into, you have to provide a fair and accurate valuation of the business’s worth during the financial disclosure phase of the divorce. An accurate valuation is important for assets to be divided equally. A valuation that is too high or too low can skew the division. Valuation methods include:

• Income approach. This looks at the past earnings and profitability of the business. Establishing that you are paid a reasonable salary from the business can also influence spousal claims.
• Market approach. This compares your business with similar businesses in the area that have recently been sold. This method may not be possible for more niche businesses, where appropriate comparisons are not possible. (rare)
• Asset approach. This assesses the total value of the business by valuing tangible and intangible assets and factoring in possible liabilities.

The courts are not limited to one method of valuation. A skilled Anaheim business owners divorce attorney will make sure a professional valuation is conducted. In complex cases, this often involves working with a forensic accountant to ensure all assets and true earnings are accurately assessed. This provides an accurate assessment of the current and future value of your business.

Dividing Business Assets

Once you have a accurate characterization, you can decide which method to use for dividing your business assets. Possible methods include:

• Buyout. One spouse buys the other’s share in the business.
• Asset offset. One spouse retains ownership of the business while the other receives assets of equal value.
• Shared ownership. Both spouses retain their share of the business.
• Selling. Sell the business, and divide the proceeds.

Each of these methods can have significant and lasting implications for your overall financial picture, particularly in a high-net-worth divorce.

Hire a Business Owners Divorce Lawyer

Building a business is time-consuming and costly. When you need to hire a business owners divorce lawyer, Minyard Morris is ready to guide you through the divorce process. With over 350 years of combined experience, we have the knowledge and skills to fight for your goals. Contact Minyard Morris for a confidential consultation.