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Businesses could be affected by high asset divorce situations

Business owners often have an added level of stress when it comes to divorce situations. Successful British Columbia entrepreneurs may be embroiled in high asset divorce cases and as such need to be aware of the tax implications, among other issues that could affect their businesses. Taking time to reflect on how a divorce will impact a business is crucial before moving forward formally with a divorce.

Even though it is easier to get out of a common law union than it is a marriage -- having been apart for 90 days -- it is still important to be mindful of the time when it comes to splitting business assets. There are many things with which a lawyer may be able to help such as capital gains exemptions, spousal rollovers, spousal attribution rules and the like. These are important issues following the end of a marriage or common law relationship.

Dividing a business can be incredibly complicated and there are many ways to go about it. A lot depends on a number of things like whether each partner holds shares and how active each is in the day-to-day operations of the business. For such confusing issues, an experienced lawyer's know-how is essential.

A British Columbia family law attorney can offer a wealth of legal knowledge to an entrepreneurial client going through a high asset divorce. A lawyer may be able to provide advice regarding taxes, whether the client is married or living in a common law union. In addition, when there are multiple assets such as stocks, bonds, real estate, retirement funds and others, a lawyer will help ensure his or her client is aware of all assets and what the client is entitled to from the marriage.

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