Michele McGill Family Law & Civil Litigation

For business owners divorce introduces an additional layer of complexity. Not only are your personal finances at stake, but your business—your livelihood—could be divided as well. Whether you started your business before the marriage or built it together, the way it is valued and divided can have long-lasting financial implications. As an experienced divorce attorney serving Franklin, Tennessee, I’ve worked with many entrepreneurs navigating this delicate process. In this article, I’ll outline critical strategies to help protect your business during divorce and secure your financial future. 1. Is Your Business Considered Marital Property? In Tennessee, divorce follows the principle of equitable distribution. This means that marital property is divided in a fair, but not necessarily equal, manner. One of the first questions to address is whether your business is classified as marital property or separate property. • Marital Property includes assets acquired during the marriage, and ...

When a family business is involved in the divorce process, the stakes can get very high. Whether it’s a small local business or a larger enterprise, deciding how to handle this shared asset is critical to ensuring the future stability of both the business and the divorcing spouses. In this post, we’ll cover the essential steps you need to take when navigating a divorce with a family business. Step 1: Valuing the Business The first, and perhaps most crucial, step is determining the value of the business. This typically requires hiring a professional business appraiser. The appraiser will consider factors such as the business’s income, assets, liabilities, and its future growth potential. This valuation will play a significant role in how the business is divided between spouses. Factors that influence business value include: • Annual revenue and profitability • Business debts and liabilities • Market trends and competition • The potential for future growth Having an accur...

Relocating with a child after a divorce is complex, especially when custody agreements are involved. Tennessee law requires that relocation not only serves the child’s best interests but also respects both parents' rights. Here's an overview to guide you through the process. Why Child Relocation Laws Matter When one parent relocates, it can impact the child’s relationship with the other parent, their education, and their emotional well-being. Tennessee has specific guidelines to ensure that both parents have a say, and most importantly, that the child’s best interests are protected. Legal Steps for Relocation Written Notice : If you’re the primary parent and want to move more than 50 miles away or out of state, you must provide the other parent with written notice at least 60 days before the move. The notice should include: The intended new address. The reasons for relocation. A statement informing the other parent that they have 30 days to object. Objection Process : If the no...