When a couple gets divorced, the court will need to determine which property is part of the marital estate. This is a complicated matter. When a divorce involves a business, this matter becomes even more complex, with the potential for the business to be assessed for its value, or at least the share of the business owned by one party. It is difficult to put a price tag on the resources, time, and commitment necessary to run a business. However, during a divorce, it is essential to determine the value of a shared business or the share of one party in the business in question for purposes of fair and equitable property division. If you are a business owner or are married to one, it is important to retain the services of an experienced attorney that can effectively assess the value of a business if it falls under the marital estate. The Law Office of Sarina Gianna, LLC provides effective business valuation services to clients across New Jersey, working to assign a value to your business or uncover hidden assets and worth from a business if the situation arises. For a consultation, contact the Law Office of Sarina Gianna, LLC.
Ocean County business valuation services
Whether the family owns the business or one spouse acts as a business owner, if the business in question falls under the marital estate, its value should be divided according to the principle of equitable distribution, meaning a fair and just split. In order to accomplish this, it is important to develop a full understanding of the business’s operations. In some cases, business records do not tell the whole story. We may need to look at not only business records, but tax statements transactional documents, and each spouse’s individual accounts and statements to get a clear picture of what business assets are available.
In addition to calculating a business’s value, we must determine how much each spouse contributed to the business. Often, spouses may co-own a business but perform very different roles in its operations. For example, one spouse may handle finances while the other performs a service. Both are important roles and both spouses may benefit from the business.
In order to determine a business’s true value and each spouse’s contribution to that value, it may be necessary to enlist the help of a forensic accountant or other financial professionals. We work with a network of qualified professions to take a thorough look at business assets when appropriate. In the end, using widely accepted valuation methodology, we will develop a range of values for the business, its assets, and each spouse’s role in the success of the business. From there, a court can decide how it fits into the equitable distribution of the marital estate.
Contact an Ocean County Business Valuation Attorney
If a business is involved in your divorce, it may fall under the marital estate to be later distributed in an equitable fashion. Whether you are the sole business owner or co-own the business with your spouse, it is important to have an attorney ready to protect your interests. For a consultation with an experienced divorce attorney with significant experience in valuing a business and uncovering hidden assets and worth in a business, contact the Law Office of Sarina Gianna, LLC.