A divorce has a way of turning one’s life upside down. For many people, this is more a matter of personal circumstances and personal finances, but for those who own a business, this very personal matter can greatly complicate work, as well. In many cases, the value of the business is one of the assets that must go into the pot during the property division phase of a divorce.
It is not only small business and family owned business owners that need to be aware of their assets when going through a divorce. Any type of entrepreneur needs to be aware of all of their income and other assets so that proper value can be placed on them and so that the proper steps can be taken to protect them during the divorce.
The process may begin with forensic accountants who will dig into the details of the business in order to accurately determine how much it is worth. Accurately valuing your business and assets is crucial in order to avoid what could be unfair property division.
A divorce is a very stressful time. These stresses can be magnified far beyond the emotional realm when a small business or other such entrepreneurial endeavor is involved. Taking the proper steps to help protect the full value of such businesses can be a very important part of the divorce process. Seeking the assistance of an experienced attorney can help relieve some of that stress. For more information on property division during a divorce, please visit our business valuation web page.