Nashville Business Owners Divorce Lawyer
Business Owners Divorce Attorney In Nashville, TN
Broaching the topic of divorce can be a difficult step for couples to take. For business owners, it can be even more impactful, as it may feel like your livelihood is at risk. Working with an experienced Nashville business owner’s divorce lawyer can help you understand your legal rights and options under Tennessee divorce law.
Hire a Business Owner’s Divorce Lawyer From MBK Legal
When it comes to a divorce, having an experienced family law attorney is crucial. The team at Mathis, Bates & Klinghard PLLC has over 55 years of combined legal experience helping residents of Tennessee understand their legal rights and pursue favorable case outcomes.
Our team knows the unique challenges a business owner can face during the divorce process. We plan to understand your goals and concerns for your case, helping to prioritize your business. We value prompt responses and make it a priority to return our client communications within 24 hours so you can find answers to any questions you may have about your case.
Property Division Laws in Tennessee Divorces
In 2023, Tennessee was ranked as the third-best state for businesses in the United States. Nashville is home to 50,000 businesses, including numerous manufacturing, financial, and music companies. In 2022, it was reported that 4.14 out of every 1,000 Nashville residents was a CEO.
Divorce is already an intense legal process for couples to experience, but when a spouse’s business is involved, it can easily feel overwhelming.
It is important to hire a business owner’s divorce lawyer with experience in handling businesses during divorce, so your rights as a business owner are protected. For residents of Nashville, divorces are typically overseen by the Davidson County Circuit Court Clerk’s Office, located at 1 Public Square. During legal proceedings, courts typically categorize a couple’s property in two ways:
- Separate. This is generally acquired before the marriage by either spouse. Separate property is typically not divided during divorce unless it has been mixed with marital property.
- Marital. This is generally anything acquired during the marriage by either spouse. Marital property is typically divided equitably between a couple during divorce, not 50/50.
Whether your spouse has a legal claim on your business depends on your unique situation. However, even if you started your business before getting married, it may become subject to division if it grew in value during your marriage or your spouse contributed physically or financially to it. Consulting with a Nashville business owner’s divorce attorney is the key to understanding your legal options during divorce.
Ways to Protect Your Business During a Nashville Divorce
During a divorce, business owners have a few options to protect their business. They can work with their attorney to explore these options, including:
- Paying out their spouse. If it is determined that your spouse has a substantial share in your business, you can offer to pay them their portion through a lump sum payment or fixed payment plan.
- Giving their spouse other assets to offset the value of the business. For example, if your spouse has a legal claim to your business and the business is valued highly during divorce, you could offer your spouse the marital home in exchange for full ownership of your business.
- Selling the business, in extreme cases
Your lawyer will be able to consult with financial professionals to determine the full value of your business, as well as the amount of ownership your spouse has. From there, we can work together to determine the correct legal path for your needs.
FAQs
How Can Mediation Help Me During My Divorce Case?
Mediation can help you during your divorce case by allowing you and your spouse to maintain control over the outcome. Mediation is an alternative to court, where spouses can discuss their divorce issues together with professionals to resolve them. It provides privacy compared to a traditional court, and is typically cheaper and faster. Only you and your spouse can decide the outcome of your divorce during mediation. If you can’t agree, the case will then be decided by a judge.
What Is Valuation During Divorce?
Valuation during divorce is a necessary step that business owners must take, so all parties involved can fully understand your financial situation. Because businesses don’t have an exact price amount, valuing the business can provide an estimated price. This monetary amount gives clear insight into the assets a couple has, and can help you understand the amount you will want to give your spouse during divorce, so you maintain full control of your business.
Can a Prenuptial Agreement Protect My Business During Divorce in Nashville?
In Nashville, a prenuptial agreement can help protect your business during divorce. A prenup is a legal document drafted and signed before a couple gets married, outlining their rights and responsibilities during the marriage and potential divorce. If your prenup has a clause detailing what happens to your business during divorce, it will likely be honored by the judge during legal proceedings, as long as it isn’t unfair to your spouse.
Will My Spouse Have Access to My Business Records During Our Divorce?
During your divorce, your spouse may have access to your business records if they are necessary to understand your full financial circumstances. In Tennessee, it’s required that both spouses disclose their finances fully. The attorneys at MBK Legal work tirelessly to protect our business owner clients during divorce. We work meticulously to only provide the other party with the documents and information necessary for the case. Our goal is to keep your business dealings private wherever possible.
Choose Our Experienced Firm to Represent You During Your Divorce
The team at Mathis, Bates & Klinghard PLLC knows how difficult divorce can be for business owners. Reach out to our office in Clarksville today to set up a confidential case evaluation with one of our attorneys to learn how we can help you. Our goal is to provide you with straightforward and empathetic legal advice so you can have the information you need to make informed decisions about your divorce.
