One of the biggest concerns of divorcing couples is how their property will be divided in their divorce. You and your spouse can either work out these issues between yourselves and have the arrangement approved by a judge, or leave it to the court to decide completely. Here is a look at how business interests are divided in an Oklahoma divorce case.
Placing a Value on Business Interests in an Oklahoma Divorce
The division of property in an Oklahoma divorce can be extra complicated when one or both spouses are partners in a business enterprise. The actual value of business interests can be difficult to ascertain and often falls upon the judge, who must do more than just have a look at the business’s balance sheet to arrive at a valuation, he must also factor in both tangible and intangible assets, as well as the context of the business agreement and the value of the business’ work in progress and goodwill.
In Oklahoma, marital property, which can generally be defined as assets or interest in those assets that have been acquired during the course of the marriage, is divided on the basis of equitable division. This means that it will be divided fairly on the basis of each spouse’s individual contribution to the total amount of marital property. In other words, marital property will be divided equitably but not necessarily equally.
Thus, as it pertains to the division of business interests in an Oklahoma divorce, the court will consider factors such as how long the couple was married, their individual involvement in the business and their individual earning power, as well as, any prenuptial (or postnuptial) agreement that was signed between the two.
In addition, the court will consider any partnership, shareholder or operating agreement between the owners of the business that stipulates what should happen to a partner’s business interest should he or she get divorced.
No Cost Consultation: Oklahoma City Divorce Lawyer
Whether you envision a quick, easy divorce or you are preparing for a difficult, high-conflict divorce, a skilled Oklahoma City divorce lawyer can provide the expertise you need to move your life toward a more stable future. Call us today to find out how a family law advocate can ease your worries and help attain the outcome you prefer.
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