When California couples decide to divorce, property division is often a primary consideration. In situations where there is a business at stake, things can get more complicated. This is true if the business is owned jointly, but can also be a consideration if it is entirely or partly owned by just one spouse.
One of the top concerns is determining the value of the business. This information is crucial to ensuring a fair settlement. However, there are different ways of going about business valuation, and some require more time and money than others. In a high asset divorce, a couple may decide that it is worth it to retain a specialist to perform a full valuation on the business. In other cases, a couple in an otherwise amicable divorce may decide that a simpler calculation of value is all that is necessary.
Once a business has been properly valued, it is possible for the couple and their attorneys or mediator to work together to decide how to divide any business assets. At this time, other considerations may include the division of other types of property
A business owner who is considering a divorce may benefit from speaking with an experienced family law attorney. Legal counsel may be able to review the client’s circumstances and make recommendations as to the type of valuation that is necessary to ensure a fair settlement. An attorney may also be able to provide advice in other areas, such as how to handle the sale of the family home and how to ensure the best interest of the children after the divorce.
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