Murfreesboro Business Owner Divorce Lawyer
Business Owner Divorce Attorney In Murfreesboro, TN
A person’s business is more than just a job; it’s their entire life. Most business owners work incredibly hard to keep their dream alive. When that dream is threatened during a divorce, it can be destabilizing. You’ll need a Murfreesboro business owner divorce lawyer to protect your most valued asset.
Your Experienced Murfreesboro Business Owner Divorce Law Firm
Evans Bulloch Parker PLLC is proud to be the longest-running law firm in Murfreesboro. Since 1975, we’ve represented hundreds of Tennessee clients during their most difficult moments in life. We can formulate a comprehensive and custom legal strategy based on the unique details of your case.
In 2023, an average of 15,715 of Murfreesboro’s 165,423 residents were divorced. While it may feel isolating, you aren’t alone. Our firm has helped hundreds of residents seek closure after a stressful time. A Murfreesboro business owner divorce attorney from our team can navigate your legal proceedings and safeguard your business after the final court order is issued.
Tennessee Property Division Laws During Divorce
In 2023, of the 664,681 small businesses in Tennessee, 252,053 were owned by women, and 358,880 were owned by men. When a business owner enters into a marriage or begins divorce proceedings, certain business owner divorce laws will apply to their situation.
When a couple files for divorce at the Rutherford County Chancery Court, located at 116 West Lytle Street, they’ll start discussing divorce issues. This includes determining how to divide their belongings and other property. Tennessee recognizes two types of property during divorce:
- Marital property. This is generally anything gained by either spouse during the marriage. It can include real estate, debts, income, retirement accounts, cars, investments, and businesses.
- Separate property. This is anything gained by either spouse before getting married.
What Is Commingling in Business Owner Divorce Cases?
During a divorce, only marital property is divided between the couple. They can either agree on division themselves and file it with the court, or the court can decide it for them. The court will split marital property fairly, not equally.
Separate property is typically not divided during divorce, unless it becomes commingled with marital property.
For example, a business owner may use marital funds to pay expenses for a business that they started before the marriage. When that happens, part of the business or its increased value can be treated as marital property in a divorce.
If the court decides that a business is marital property, one spouse may buy out the other’s share. Before property division discussions happen, it’s important to hire a business owner divorce lawyer to represent you in Murfreesboro, TN.
How to Protect Your Tennessee Business in a Divorce
There are several ways to protect a business during your marriage. These include:
- Getting a prenuptial or postnuptial agreement. These agreements outline how a spouse’s business will be handled if the marriage ends.
- Keeping business accounts separate from personal or marital funds. This can prevent your business funds from becoming commingled with your marital assets.
- Paying your spouse a salary if they work for the business. This can reduce disputes during divorce.
Hire a Business Owner Divorce Lawyer You Can Trust
Contact Evans Bulloch Parker PLLC today to schedule your confidential consultation with Murfreesboro Business Owner Divorce Lawyer. Our attorneys work as efficiently as possible to resolve cases so our clients can move on with their lives. We have a legacy of litigation skills and aren’t afraid to take your case to trial if needed. Choose us to protect your rights during your case.