Most people do not realize how tangled their lives become when they get married.
In addition to this, many married couples tend to run businesses together. They are joint partners and get much of their income from the same source.
When it comes time to divorce, they have to separate all the assets of the business in addition to all their personal assets.
At a time like this, you need a business valuation lawyer who knows all the ins and outs of both the family law side of things and the business legalities.
When the courts decide to separate property, they have very wide latitude. This means things can go your way, your ex-spouse’s way, or be split down the middle.
In the case of a business, the court will have to assign a value to any holdings you or your spouse may have. They will give a value to the businesses you own so these can be split in a fair manner between the two separate parties.
To make sure you put the best foot forward and are not losing a large chunk of your income or equity, you want to have a business valuation lawyer deal with appraisals and property disbursement.
The first step to dividing the assets of the business is to find out how much the business is valued at. For this, there are a number of things the court will look at.
There are many ways a business valuation lawyer will analyze your business. Some prefer to use a market or earnings approach while others use a more traditional book value method.
Earnings or market approach: This method of evaluating your business looks at the earning potential the company has from the point of view of what an investor or purchaser might value the company at.
Book Value: A book value approached is based on the assets and liabilities of the company minus any depreciation.
For help, call The Law Offices of Laurence J. Brock at 909-466-7661 or get in touch with us online. We can give you case-specific legal advice and help ensure that you are represented fairly in court during your divorce.