May 31, 2020

Pomona Business Valuation Divorce Lawyer

Your business is an asset, just like your home. In a divorce trial, a value must be placed on it in order for a judge to appropriately factor it into the divorce settlement.

A Pomona business valuation divorce lawyer can assist you in determining what the value of your family business is. This is critical for both your divorce and ensuring that your businesses assets are appropriately divided.

Signs You Need a  Business Valuation

You’ll need to retain the services of a Pomona business valuation divorce lawyer if any of the following criteria apply to you or your spouse:

  • You and your spouse own a business together
  • Your spouse owns and operates a business as his or her primary income source

Essentially, if you or your spouse has any ownership in a business of any sort, you need a business valuation in order to complete the divorce process fairly.

Risk of Not Getting a Professional Valuation

If you simply take the word of your spouse regarding the business’ value, you could lose out financially. It is in your spouse’s best interest to provide you with a lower-than-market valuation as it will then cost less to buy you out.

On the other hand, your spouse may want to increase the apparent value of the business if he or she is planning on selling to you. The only way to ensure fairness is to obtain a third-party valuation.

Documents Needed to Value a Business

When establishing the value of a business, you will need to assemble a number of documents:

  • Tax returns
  • Bank statements
  • Investment accounts
  • Business contracts for services
  • Real estate contracts
  • Documents that demonstrate income or assets

Making a Motion for Discovery

If your spouse is unwilling to provide the documents necessary to value the business or is producing incomplete documents, we can make a discovery motion to compel production of those documents.

Filing a Deposition Subpoena for Production of Business Records will allow us to secure copies of documents from your spouse, as well as from the accountant for the business.

We can file Deposition Subpoenas For Personal Appearance and Production of Documents and Things if we believe we need to confirm the accuracy of information provided by an accountant or bookkeeper. We can always file this request, asking them to appear in court and testify regarding particular records.

What Happens After a Business Is Valued

Once we know the true value of your family business, we can add it to either the asset or debt column on your financial disclosures.

We can then discuss your options and whether you want to remain an owner after the divorce, if you want to be bought out, or if you want to buy out your spouse. At that time, we can discuss various financial strategies for accomplishing these goals.

Call for Help

Don’t risk valuing your family business for less than it’s worth. A Pomona business valuation divorce lawyer from the Law Office of Laurence J. Brock can assist you with the valuation process.

To schedule a consultation, call us at 909-466-7661. Remember to arrive at your appointment with as much of your business’ financial information as possible.

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