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Dominion Law Group, LLP

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San Jose divorce lawyer asset division family owned businessAbout 90 percent of all businesses in the United States are family-owned, and these businesses play a vital role in their surrounding communities and the overall economy. Family businesses can provide their owners with convenience, flexibility, and lower employment costs, while allowing them to work with the most important people in their life.

Unfortunately, the mixture of business and personal life can make or break a relationship. If one or both spouses decide they want out of their marriage, determining how to divide marital assets that include a family-owned business can be a very complex undertaking. While many small businesses are not prepared for their owners’ divorce, a breakup does not have to mean the end of the company.

Where Does a Business Stand During Divorce?

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San Jose property division divorce lawyerThe divorce process can prove to be one of the most financially and emotionally confusing times in a person’s life. The shock that comes with the end of a relationship can bring out the worst level of anger in both parties. Both spouses may have a difficult time figuring out what assets are considered community property and how to divide this property between them. However, the divorce process can be completed more smoothly if spouses work together to determine how their assets should be appropriately divided.

What Is Property?

Property is defined as anything of value that can be bought or sold. A house, cars, clothes, and furniture could be considered property in the State of California. The following could also be considered property and assets:

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Divorce by its very nature can be a painful, unpleasant process for all sides.

One of the greatest causes of conflict during divorce is the question of how to reach a fair, equitable division of marital assets.

As a community property state, California makes this process seem deceptively simple.

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If you believe that your spouse is currently hiding marital assets during your divorce in order to restrict your access to these assets, then you may want to start digging. Your spouse's social networking accounts may be a very good place to start.

Any divorce lawyer would agree-social networking accounts like Facebook, Instagram, Twitter, and others can provide a trove of information about the spouse's financial information. Even if you and your spouse have "unfriended" each other during a pending divorce, you will find that you have many mutual friends.

That means that you will have a steady stream of information from those friends, who continue to be friends with your spouse. People tend to show off on social media. They post pictures of their fancy vacations, new cars, and expensive purchases. Those pictures and posts can be very valuable to you in your divorce case.

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