Chicago Divorce Business Valuation Lawyers
Valuing a Business in Divorce
Divorce is a process of setting a value on assets and dividing them amongst the spouses. This process is similar to a business transaction, and often divorce will entangle family businesses. Oftentimes, the family business is one of a couple’s most valuable assets. Unfortunately, unlike other valuable assets like a family home, a family business is difficult to value. If a family business is involved in your divorce, be sure to seek the counsel of an experienced divorce attorney who will know how to handle your legal situation properly.
Family Business Valuation
In Georgia, business valuations are determined by analyzing the operations and assets of the business. Certain factors, like the strengths of the business, income creation ability, and long-term viability, all play roles in determining the value. An independent business valuation professional is necessary to properly determine the value of the business for the divorce.
However, in contentious divorces, spouses may withhold information from the other, in order to gain the upper hand in the proceedings. This means that the spouse operating the family business may withhold valuable information needed to value the business. The other spouse may not get their fair share of the business, if the business is not valued correctly. An independent appraiser may be the only option to correctly value the business and to make sure both spouses get what they are entitled too.
Concerns About Business Valuation
Fair division of a family business are complicated and often rely on a number of factors. For example, does the spouse operating the business deserve a larger share than a spouse who isn’t involved? Division of a family business is also tricky if the business was started before the marriage occurred. An independent appraisal of the business will be able to clarify these tough issues and help the couple negotiate based on complete information about the financial and legal situation of the business. If the couple fails to complete an independent business valuation, they will be forced to negotiate with incomplete information and make decisions without knowing what may be at stake.
The divorce process is stressful and emotionally taxing. These emotions can often have an irrational effect on your decision making skills and detrimentally effect your divorce. An objective, experienced attorney will be able to give you the legal and financial counsel you need to make sure you get what you deserve out of your divorce. The attorneys at Bushell & Drye are here to help you with all of your divorce needs. We are committed to making sure you have accurate business valuations and complete information in the divorce decision making process. Our experienced attorneys can negotiate on behalf of your interests in mediation and litigation. Contact Bushnell & Drye today at (404) 869-1201 for a consultation about your divorce.