The divorce process can often be complicated, regardless of a couple’s circumstances. Myriad financial issues will need to be addressed when dividing marital property and determining whether financial support will be paid by one party to the other. At the same time, strong emotions can affect both parties, leading to contentious disputes that may make it difficult to resolve the various legal and financial concerns that may arise. For entrepreneurs and business owners, these issues can cause problems as they determine how to protect their financial interests and make sure they will be able to move forward successfully after the completion of a divorce.
At Weiss-Kunz & Oliver, LLC, we understand the concerns faced by entrepreneurs who are planning to get divorced. We know that business owners will be looking to protect their interests, ensure that they can maintain ownership and control of the companies they have built, and sustain ongoing financial success for many years to come. With our knowledge of the laws that affect entrepreneurs who get divorced and our experience helping our clients resolve complex legal and financial issues, we can help ensure that a divorce can be completed as smoothly as possible.
The Importance of Business Valuation
Some of the most crucial issues that entrepreneurs will need to address during a divorce will be related to determining the value of their business interests. A comprehensive understanding of a business’s current and future value will be necessary to ensure that financial concerns can be addressed correctly when dividing marital assets. If a business is considered marital property because it was founded or acquired during the marriage, both spouses will need to understand its value so that it can be divided along with other assets a couple owns. However, even if a business is separate property that one spouse owned before getting married, understanding its value will be necessary, since this will ensure that the business owner’s financial status will be properly considered when addressing divorce-related issues.
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