Georgia Divorce Business Ownership Division
If you or your spouse are the owner or partial owner of a business or are self-employed, the financial aspect of your divorce will be particularly complex. It can be difficult to value a small business or closely held corporation because many assets are intangible which makes them especially difficult to evaluate. Because it can be especially difficult to establish the fair market value of a small business, it can be necessary for financial and legal experts to work together to perform a forensic valuation of the business. The Zdrilich Law Group has the experience necessary to ensure that your business is properly evaluated and divided equitably pursuant to your divorce.
Establishing a Fair Value for the Business
Small businesses—whether a medical practice, law firm, investment group or a business owned by a single individual—can be especially difficult to value for the purposes of a divorce. That’s because the business is not being sold, but rather a value must be established solely for purposes of ensuring an equitable division of marital property. Sometimes this will involve the use of a forensic accountant. Other times, one party may be blocking access to records or moving money in violation of a court order. At times like this, you need strong representation to preserve the parties’ assets and protect both parties’ interests. We’ll take steps to preserve these assets, whether that means filing lis pendens and preventing the sale or borrowing against property, or seeking appointment of a receiver.
Dividing the Business
Even before a final calculation for the spouse’s portion of the business is determined, there is likely to be a disagreement as to whether or not the spouse’s portion of the business is marital property. This is especially likely to be the case if the spouse’s ownership of the business predates the marriage. Depending upon the facts and circumstances of your case, the judge could decide that some, all or none of the spouse’s portion of the business is marital property. If either some or all of the spouse’s portion of the business is marital property, then the court must decide how to equitably divide the parties’ estate and provide for the needs of everyone in the family.
Hiring an Attorney
The valuation of a small business can constitute a complex legal and financial inquiry. Once a value is established for the spouse’s portion of the business, a legal battle concerning equitable division of the spouse’s interest is sure to follow. We can protect your financial interests whether you’re the business owner or the spouse of the business owner. Contact The Zdrilich Law Group today for a consultation.