GRAND RAPIDS DIVORCE ATTORNEY – BUSINESS OWNER
When you are facing a divorce in Grand Rapids, Michigan and you own a business, it is important to have the representation of a good Grand Rapids divorce attorney. Krupp Law Offices P.C. has been providing quality divorce representation for over 85 years and are located in downtown Grand Rapids. If you are facing a divorce, your business interest could be considered a marital asset, call the divorce attorneys at Krupp Law Offices P.C. for a free phone consultation. During your phone consultation, our divorce attorneys will provide you with immediate answers to your divorce questions and schedule an appointment with one of our attorneys.
CALL FOR A FREE PHONE CONSULTATION AT 616-459-6636.
DIVORCE - BUSINESS ASSETS AND DEBTS IN MICHIGAN
One of the most important questions that a person facing a divorce must address is the distribution of business assets and debts, and inherited businesses.
In Michigan, if the business was started by the husband or wife prior to marriage, the asset will be awarded to the person as a premarital asset. In the event that the business has appreciated during the marriage, that increase in value maybe a marital asset. The court would look at the extent to which the other party contributed to the business and it's increased value.
BUSINESSES INTERESTS ACQUIRED DURING THE MARRIAGE
Business interests acquired during the marriage are going to be a marital asset. In dividing the interest, typically the court would award the business to the person who is most active in the business. The person receiving the business would then have to pay 50% of the net value of the business to the other party. This can be done by off set against another asset, one time payment, or a payment over a period of years.
INHERITED BUSINESS INTERESTS
In addition, the courts have the discretion to distribute inherited business interests as marital assets or separate the property and award it to the party who directly received the gift or inheritance of the business interest.
The court considers a number of different factors in determining whether inherited properties or gifts should be subject to division by the court or awarded solely to one party. Some of the factors that the court considers are:
- The length of the marriage;
- The intent of the donor;
- Has the property been commingled with other marital assets.
In the event that there is a long term marriage, the donor gave the gift to the parties as husband and wife, or inheritance or gift was commingled with other marital property, then the court is more likely to consider that inheritance or gift an marital assets and subject to division in a divorce.
On occasion, the court may consider property separate, but still divide the property as marital property if both of the parties contributed to the accusation, improvement, or accumulation of the asset. An example of this would be a house which was inherited 10 years prior to divorce. During the 10 year marriage both of the parties paid property taxes on the home, added an addition on to the home, and spent money on maintenance. In this situation, the court would more than likely consider the house a marital asset subject to division.
As you can see, the distribution of assets, debts, and inherited property can be complex. As such, a person facing a divorce should consult with an attorney who is experienced in the field of matrimonial or divorce law.
If you are facing a divorce, a good Grand Rapids divorce attorney is not optional, it is a requirement! Our divorce attorneys can answer your questions with straight talk. Having the right divorce attorney on your side can relieve your stress during this difficult situation. Our attorneys have over 85 years of divorce experience. Our attorneys have extensive divorce trial experience including property settlements, spousal support, alimony, child custody, and other serious divorce related issues. Typical fees to retain attorney for a divorce case can range and from 1,500 dollars to as high as 5,000 dollars. Considering the seriousness of this life changing event, it is extremely important to retain the services of an experienced attorney in the area of divorce.
Krupp Law Offices P.C. is located in downtown Grand Rapids, Michigan and has the right divorce attorney for you. We represent clients in all divorce matters throughout West Michigan, including the cities of Grand Rapids, Holland, and Grand Haven, and the counties of Kent, Ottawa, Allegan, Barry, Newaygo, Montcalm, Muskegon, and Ionia.
Call our office. We can answer your questions with immediate answers.
161 Ottawa NW Suite 404
Grand Rapids MI 49503
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