What couples with a business should do during divorce

What couples with a business should do during divorce

On behalf of Stange Law Firm, PC posted in Divorce/Separation on Saturday, June 15, 2019.

High net worth divorces, especially those that involve businesses and business assets, can mean additional complexities beyond a typical divorce. How a business and business assets will be handled is a common and understandable concern during a divorce when a business is involved.

High asset divorces can require specialized attention and expertise. When the couple are business owners, the divorcing spouses will likely be concerned about how the business will be impacted by the divorce and the divorce process. How the divorce impacts a business has an impact on the couple’s livelihood and the business they likely spent years building. How property division impacts the business in a divorce impacts control of the business and the income and assets of the business.

During the divorce process, and the distribution of marital property, the family law court will seek an equitable distribution of martial assets. In circumstances of a high net worth divorce, valuation experts may be necessary to help value complex business assets or other high value assets. This may mean that financial and accounting professionals need to be engaged to value a complex business asset. It is important or divorcing spouses to have an idea of their assets and business value and divorce financial planning can help them do that.

It is also important for divorcing spouses to be able to protect their interests and understand how to pursue their share of the assets during the divorce negotiation and settlement process. Because of the complexities associated with a high asset divorce and business assets, divorcing couples can also benefit from trained guidance throughout the process.

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