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Divorce and startup entrepreneurs

On Behalf of | Jan 25, 2018 | High Asset Divorce

People in North Carolina who are involved in tech startups might run into additional complications in a divorce. In recent years, the profession that tends to have most complex and high-asset divorces has shifted from medicine and law to tech. The long hours required in building a startup could contribute to the likelihood of a divorce. Many of these entrepreneurs may not have prenuptial agreements in place, and a spouse could have a claim on a portion of the startup.

One couple met at a tech company, and each later ran a startup. While one startup failed, the other sold for $200 million. This was in California, a community property state, so the other spouse got half of the proceeds from that sale despite the failure of her own startup.

A divorce is actually less complex if the company has already sold or gone public. This creates liquid assets that are more easily split between the couple. However, if this has not yet occurred, it can be difficult to assess the value of the startup. Some people might worry about getting a divorce because of how it will affect their net worth, but they might want to keep in mind that if they are worth a good deal of money, they will still be wealthy even after that sum is divided.

Even though North Carolina is not a community property state, a person might still have a claim on a portion of a spouse’s business during a divorce. In a high-asset divorce, one spouse might have a much higher income than the other. That spouse might end up not only splitting some assets with the other spouse but also paying child and spousal support. People who organize their finances and consult an attorney might be able to get a sense of what will happen financially in a complex divorce.

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