Divorce for Business Owners
Every divorce is complicated, and the division of marital property is often a primary complication. When that marital property involves a business, the stakes are even higher – and the issue becomes that much more complex and possibly contentious. If you’re a business owner who’s facing divorce, you need an experienced Brandon family law attorney on your side.
If one of you – or both of you – began your business during the course of your marriage, that business is marital property, the value of which must be divided appropriately upon divorce. Even, however, if one of you brought the business into the marriage with you and kept it as separate property throughout your marriage, any increase in the business’s value remains marital property, the value of which must be divided appropriately upon divorce. Regardless of whether your business is a one-person show, a large, complex operation, or anything in between, dividing the business – or the value of the business – appropriately upon divorce is critical to ensuring that your division of marital property protects your rights.
Determining Your Business’s Value
There are a wide range of factors that make determining the value of your business for the purpose of divorce exceedingly complicated, including:
- Understanding the business’s value for you and your family is critical. For example, if both you and your spouse work at the business, it has not only inherent value but also represents your sole source of income. If one of you works at the business and the other runs the home, a different kind of complication arises.
- Obtaining a business valuation that captures the business’s inherent value is critical, and if both of you sign off on one agency that will conduct your valuation, you’re ahead of the game. If your divorcing spouse, however, wants to go in a different direction, there is always the risk of hiding assets – which is often easier to do under the guise of a financially complicated business – and you will likely need to bring in a forensic valuation specialist to help protect your assets.
- If your soon-to-be-ex runs the business in question and you haven’t played much of a role, it puts you at the disadvantage of not knowing the business’s financial ins and outs, which can obviously make dividing its value fairly more difficult.
- Because your business is likely one of your family’s most valuable assets and may also be your only source of income – or a very significant source of income – the very act of dividing it (in any manner) between the two of you is complicated. Selling the business can mean that everyone loses, but one spouse buying the other out may seem like a financial impossibility. A dedicated family law attorney with extensive experience in these matters will help you explore all the options available to you and will help you find the best path forward for you.
An Experienced Brandon Family Law Attorney Can Help
The dedicated family law attorneys at Carman, Bevington & Finegan, P.A., in Brandon have the experience, commitment, and resources to help navigate even the most financially complicated divorces – and to protect your rights in the process. We’re on your side, so please don’t hesitate to contact us online or call us at 813-654-3444 for more information today.