Businesses Affected by Divorce

Gillespie, Shields & Associates

After putting countless years and continual energy into establishing their businesses, many business owners are devastated when they are going through a divorce and learn that their businesses may be compromised.  The truth is, divorce can have an adverse impact on a person’s independent business.  In some cases, business owners even have to sell or shut down their businesses to fulfill the financial obligations of their divorce.  This is especially true in states where marital assets are split evenly. 

People who are married accumulate marital property throughout the duration of their marriages.  Usually, marital property is comprised of homes, cars, savings and liabilities.  However, in cases where a business is established during the marriage, the business is classified as marital property.  This means that business earnings and debt may be divided between divorcing spouses. 

When you are going through a divorce, it is important that you are aware of the fact that your marital assets are at stake.  This means if you owned or established your business during your marriage, your business may be compromised by the distribution laws of your state.  For this reason, anytime business owners are about to enter into divorce proceedings, it is imperative that they have an experienced divorce attorney on their side.  Without assistance from a divorce attorney, business owners may incur great losses or damage the growth of their businesses for years to come.

Arizona Family Lawyers

Helping Clients in Phoenix, Mesa, Chandler & Gilbert

People who own businesses and who are going through divorce proceedings need to hire a skilled attorney, such as the attorneys at Gillespie, Shields & Associates.  At Gillespie, Shields & Associates, we have helped numerous clients with businesses affected by divorce.  We will do everything we can to help you remain in possession of the business and assets you have worked hard for. 

If you are looking for an empathetic Phoenix divorce attorney, do not hesitate to contact Gillespie, Shields & Associates today!