Irvine Business Divorce Lawyer

If you’re considering or approaching the first steps in the divorce process, and you or your spouse have a business or share an enterprise together, you may want to seek the services of an Irvine business divorce lawyer.

At the law firm of The Goldberg Legal Group, we diligently serve couples and families within Orange County and southern California during turbulent times. Our skilled family law attorneys have assisted numerous clients with differing backgrounds and circumstances. We are prepared to help you through any family law matter, from developing a prenuptial agreement to divorce.

What to Expect in the Division of Assets for Business Owners

Along with other important topics to settle in divorce proceedings, such as child custody or support, fair property division is a major concern among couples. Beyond the normal worries about who gets what, for those who own their own company or business venture, dividing assets may be especially concerning.

In California, all assets and debts acquired by one spouse once the couple is officially married become community, or marital, property. This includes the spouses’ income and profits obtained from a business, whether both or only one of the spouses is directly involved in the enterprise.

If one or both of the spouses together wish to continue running the business following the dissolution of marriage, it would be wisest to consult with a skilled family lawyer. An attorney who is well-educated in family law understands the legal requirements involved, so they can outline a course of action for the divorcing couple to follow in this complex instance.

Business Valuation and Separate Property in California Law

As with all community property gained throughout the marriage, business assets and debts are to be as equally divided between spouses as possible. Of course, each case differs, with multiple factors taken into consideration, but the ultimate goal in the division process is for each spouse to receive roughly an equal net worth of property and assets.

To equally divide an enterprise or multiple businesses that either spouse owns, among the other marital properties subject to division, it is necessary for the business divorce lawyer to determine a quantifiable value for the business itself. This can be a complicated task, as there are several contributing factors involved, such as:

• How much the property associated with the company is worth
• Business maintenance costs
• Profits earned
• Expected revenue
• Debts and other losses

Therefore, your attorney may procure the skilled services of various accounting and financing experts to analyze the business’s overall worth. This calculation is known as the valuation process. However, only the assets earned during the course of a marriage are applicable to the division process.

This means that businesses, profits, and debts that were obtained prior to the marriage’s start and after it ended are not to be split between spouses. Assets gained outside a marriage’s duration are known as separate property and belong solely to that individual.

Will My Spouse Automatically Be Awarded Half of My Business?

Although each spouse is legally entitled to up to 50% of the total marital property, it is not guaranteed that each person will receive half of an enterprise. The goal of asset division is to assess and allocate a couple’s community property accordingly so that each spouse walks away with assets that are equivalent in value; this doesn’t necessarily mean that the business will be split evenly.

For instance, one spouse may buy out the other’s share of the business, or the spouse may waive their half of the enterprise in exchange for another asset or property, such as the marital house. Sometimes, divorcing couples are able to reach a settlement relatively quickly. However, in other cases, it can be much more difficult to efficiently negotiate how properties are divided.

In Irvine, California, the judge overseeing the divorce has the final decision on how business properties will be fairly allocated during the division as a whole, which may include awarding the business in its entirety to one spouse. They may consider if the business was inherited or started by both spouses, how involved the nonprimary spouse was, how essential a spouse’s presence is to the enterprise’s continuation, and other marital assets.

FAQs

Q: What Is the Average Retainer Fee for a Divorce Lawyer in California?

A: The average retainer fee for a California divorce lawyer ranges between $3,500 and $10,000. This fee will vary depending on how complex your lawyer expects your case’s legal proceedings to be. It’s not uncommon for most qualified family law attorneys to require a retainer to be paid upfront as a reassurance that they will be paid for spending time and effort working on your case.

Q: Who Pays Attorney Fees in Divorce in California?

A: The person who typically pays for attorney fees in a divorce is whoever contracted the lawyer’s services unless a judge orders that one spouse pays for the other’s legal costs. This may occur if one spouse earns significantly more income than the other. However, it should usually be assumed that the individual who hired the family law attorney will be the one to pay them.

Q: How Much Does a Divorce Lawyer Make in California?

A: In California, a divorce lawyer may make between $140,500 and $181,500 in a year on average. A family law attorney’s annual income will depend on where their practice is located and the extent of their education. They may earn more as they gain new skills and certifications or acquire additional years of legal experience, which would allow them to charge more for their services.

Q: Who Is the City Attorney for Irvine?

A: The city attorney for Irvine, California, in 2024 is Jeffrey Melching, who is also the city attorney for Menifee. He is a general counsel member for the Orange County Great Park Corporation as well. Mr. Melching frequently practices in the areas of municipal law and land use entitlement and planning. He additionally represents telecommunication and cable law cases, among other areas.

In High-Asset, Complex, and Business Divorces, Our Lawyers Can Help You

Divorce can be an emotionally tolling and unpredictable time for you and your family. Schedule a consultation with The Goldberg Legal Group today for qualified assistance with dividing your business and other family law matters.