The family law firm shares helpful information for Business Owners
Online PR News – 04-December-2020 – One of the top divorce attorneys in Phoenix has shared helpful information for Arizona business owners going through a divorce and how they can protect their assets.
Diana Rader of Rader Law Firm has more than 20 years of family law experience in Phoenix, Scottsdale, and throughout Maricopa County. During this time, she has fought tirelessly for individuals and families navigating divorce in the state. Recently, Diana shared helpful resources for business owners who are eager to protect their financial assets during a divorce.
First, Rader shared that Arizona is a community property state which means divorce in Phoenix can spell financial catastrophe for businesses. It is more important than ever for business owners to take measures to protect their business during divorce.
Ideally, Rader explains, the spouse would not be involved with or employed by the company, and the business owner would have an ironclad prenuptial agreement. Additionally, in a best-case scenario, the business owner would also have a partnership or limited liability company operating arrangement to lock out their spouse. But as no one plans to divorce, Rader often sees many of these precautions overlooked.
Next, Rader explained four key factors in gaining ground in this type of case. The first is being able to justify or devalue a prenuptial or postnuptial agreement. Second, the ability to show whether the business was created before or during the marriage. Next, providing a breakdown of responsibilities if it was a shared business entity. And finally, determining what is in the best interest of any children involved.
During cases in which children are involved, Rader Law Firm helps parents determine child support issues under the Arizona Child Support Guidelines. Interpreting these guidelines can be complicated, especially when it is difficult to identify parents true gross income because of family-owned businesses, professional practices, or variable bonus structures. Rader Law Firm takes a special interest in these cases, and it takes the best Phoenix divorce attorneys to handle them effectively.
Rader Law Firm can be reached for comment or more information at 480-636-1888.