Dividing Business Assets in Divorce
Any equitable distribution case where one of the divorcing parties owned a business requires valuing that business. Assigning a value to a business for division is tricky and can be done several ways.
How a Divorce Lawyer Assigns Value to A North Carolina Business
Actually dividing a business is usually impractical.
The best way to value it for division is by agreement, assuming both parties are on relatively equal footing in making this decision. If you and your former spouse can agree on the value of the business, you can save yourself a lot of time and money.
Unfortunately, most couples cannot agree on the value of their business. The typical scenario involves one party keeping the business after separation. That party will then argue for a low value while the other party believes the value to be much higher (as they must be paid for half). In most cases, the value of a business is not self-evident.
Why You Need a Divorce Attorney to Help Prove the Value of Your Business
If you and your former husband/wife cannot agree on the value of your business, a divorce attorney can help assign an accurate value based on public records and search assets, tax records, incomes, accounts receivable, expenditures, and other available information.
In many cases, we seek the opinion of an expert evaluator to determine the value. Some small businesses are worth millions while others are not worth enough to hire an expert to determine the value. We assist you in making this determination.
In some cases we face the issue of hidden income, or a “cash business.” When this happens, we work to trace expenditures and find money that went out but never officially came in. A skilled accounting professional is an invaluable resource during this process. If there is evidence of hidden income, he or she may evaluate the business much higher than the other party.
Let the Attorneys at The Doyle Law Group Help Value Your Business
If you’re going through a divorce, the attorneys at The Doyle Law Group can help alleviate some of the stress. Schedule your consultation by calling us at (919) 301-8843 or filling out our online contact form below.
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