Is my spouse entitled to part of my business in the divorce?

Splitting up your biggest assets can cause a lot of conflict in your divorce. Each spouse will want their fair share of the property, and often both spouses want the same things. Bigger assets tend to lead to bigger conflicts between spouses.

Retirement funds and houses can easily become a financial focal point in your divorce. Your small business or professional practice could also be a point of contention. You may have spent years of your life building up the business. Your success with the company is one reason why you and your spouse have enjoyed a comfortable life together. The business has always been yours.

Whether it is something you inherited from your parents or started because you wanted to run your own professional practice as an accountant, it will likely be one of the biggest concerns you have in your upcoming divorce. Can your ex lay claim to the business you built, bought or inherited?

Is the business community property in the eyes of the state?

If you and your spouse signed a prenuptial or postnuptial agreement that clearly states the business is your separate property, you will likely have little to worry about in your upcoming divorce. However, if you don’t have a marital agreement on record, you could soon find that the equity in your business is at risk.