Margaret Gettle Washburn, P.C.
(770) 676-1191
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What Georgia business owners need to know about divorces

A messy divorce not only puts an individual's personal assets at risk, but it can also have a major impact on their commercial ventures. Small business owners throughout Georgia often find themselves dealing with lengthy and expensive legal battles that negatively impact both their personal and professional lives.

Many different factors must be taken into consideration when determining how assets will be split during a divorce. Even though prenuptial agreements can simplify this process, the laws become much more complicated when a couple starts a business together. Some of the variables that could affect the outcome of the divorce include each spouse's level of involvement in the company, who raised the capital, and their current roles within the enterprise. If the divorce escalates and is taken before a judge, then the structure of the family must be taken into consideration as well.

Quite a bit of emphasis is placed on the happiness and well-being of any underage children who are involved in a divorce. Both parties will need to reach agreements over the primary caretaker of the child, visitation plans, and child support. Those who want to pass a company to their children might opt for post-divorce modifications to preserve generational wealth.

In many cases, it's better to structure a company in a way that allows the divorced couple to remain co-owners. Unfortunately, that's easier said than done when the couple is locked in a court battle or struggling with strong emotions. For those cases, it might be best to evaluate the company and then come up with a fair price for one party to buy the other out. That type of mediation could be overseen by experienced legal representatives who will help each side come to an agreement.

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Margaret Gettle Washburn, P.C.
4799 Sugarloaf Pkwy
Building J
Lawrenceville, GA 30044

Phone: 770-676-1191
Fax: 770-963-2828
Lawrenceville Law Office Map

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