A divorce divides all the property the married couple owns, including any business or corporate interests. Whether you or your spouse owns a corporation between you or if just one of you owns it, you need to make sure your divorce satisfactorily divides the corporation between you. This process starts with the divorce filing. Although filing for any divorce is not very difficult, corporate owners need to take into consideration additional elements before filing for divorce.
Step 1
Research the law. Each sate has different divorce laws as well as different corporate laws, so you'll have to do a lot of research, already know a lot about the law or get a good attorney to help you. Corporate ownership during divorce can present significant complications, so be sure you understand the law before you try to file for divorce. Pay special attention to marital property laws, and what property the court can divide during the divorce.
Step 2
Prepare the divorce petition. Your divorce petition is the legal document that starts your divorce. What the petition must contain differs depending on a number of factors, but includes information, including the names of you and your spouse, the legal basis for the divorce and any property division or requests for relief you are asking the court to grant. Contact the civil clerk of the county courthouse and ask what is required of you before filing your petition.
Step 3
File the petition. You can only file for divorce in a state where you or your spouse reside and where you meet the grounds requirements. Typically, you must also include financial statements that detail what property you and your spouse own or have an interest in, including corporate ownership.
Step 4
Ask for temporary property and support orders. When a couple owns a lot of property, particularly valuable property that must be managed during the divorce process, the filing party can ask the court for temporary orders that only apply during the divorce proceedings. When you file your petition, you can include temporary orders that specify how the corporate assets are treated before the divorce is finalized so the corporation does not suffer.
Tips and Warnings
- Negotiate a divorce settlement. You and your spouse can divide all marital assets and liabilities, including corporate interests, as you see fit by coming to terms on a settlement agreement. If you want to protect your corporate interest, it is often better to do so through a settlement rather than having the divorce judge decide the property distribution for you.
- Talk to a qualified divorce attorney. Corporate ownership can be a very complicated subject in and of itself even without trying to divide such ownership during a divorce. Always consult an experienced divorce attorney for legal advice on your case.
