A family business would likely be considered community property and, therefore, divided fairly and equitably between the spouses in a divorce. One spouse could continue to own the business after buying out the other spouse or the judge could order them to sell the business and split the profits.
However, there could be some exceptions to the community property rule depending on the specific circumstances of the case. For example, if one spouse owned the business prior to the marriage or inherited it during the marriage, it would likely be considered separate property. In that case, the business would not be subject to division in a divorce.
When it comes to businesses and divorce, it can get complicated quickly. That’s why it’s important to seek the advice of an experienced family law attorney.
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