Understanding The Process Of Valuation
When you have spent time, in some cases years or decades, growing a family business, it is devastating to think that you could lose it in a divorce. However, before worrying that you will lose it altogether, it is important to take the process of valuation seriously, as the result will impact its division or allocation by the family court.
At Minion & Sherman, our attorneys have deep experience in the field of family law. We take the time to get to know each client and their goals, using this information we create individualized strategies to achieve the most favorable outcome possible. This is particularly true in complicated situations like those involving family businesses.
How We Aid Our Clients
The division of property is part of any divorce. When a complex asset like a family business is involved, the process becomes a bit more complicated. The court will take into account things like:
- Property owned by the business
- Annual revenue
- Liabilities of the business, like debts
All these aspects work together to determine the market value of the business at the date of separation. The court will then determine an equitable distribution. The distribution can vary based on the length of the marriage, how much the marriage intersected with the operation of the business, and how much each spouse participated in the business.
It is crucial to get the help of an attorney throughout this process. A lawyer works with other professionals such as accountants to ensure that the business is valued correctly and you receive your fair share. We have helped countless clients protect their business throughout the process of divorce. It can be scary to think that your business may be at risk, but with correct valuation and good representation, you can move forward with confidence.
Speak With An Attorney Today
Protecting your business as you are also trying to protect your family is challenging. Get our help today. Call our northern New Jersey office at 973-559-5791, or send a message through our convenient online contact form.