In certain circumstances, property division during a divorce can be very complicated. Complex situations may arise when a divorcing couple owns a business together or when complex assets, such as a family business, must be valuated and divided. A variety of complex assets may need to be divided during the divorce process, including businesses, retirement accounts or investment accounts.
Property division can always be a significant concern for divorcing couples, but, when it includes high-value assets or the business the family relies on for income, it can be particularly overwhelming. Whether the divorcing couple are owners of a small business, a family owned business, or are professionals that need to divide the assets of some other type of partnership or business, the property division process can help address their concerns.
Familiarity with the process can help ease concerns and solve problems. Help valuing a business during a divorce can include evaluating the cash value of the business; the goodwill the business has earned with clients; property ownership and debts; valuing business partnerships; classifying business assets as marital or separate property; employee classifications; or considering ownership complexities of the business.
The property division process does not necessarily have to be stressful if divorcing couples are familiar with the family law resources available to guide them as they divide their property, including their business. Excellent tools and resources are at the fingertips of divorcing couples who need to know what will happen to their business during the divorce and property division process.
