Worcester, Massachusetts Divorce Attorneys Assisting With Business Valuations
Business owners have unique concerns when it comes to the division of assets in a divorce situation. If you did not have a premarital or post-nuptial agreement in place (or if that agreement is being contested), you may be facing a financial claim against your business.
- Your former spouse could demand an ownership interest in the business
- If your former spouse is already a co-owner, he or she may want to be bought out
- Your former spouse may ask for a cash payment of half the value of the business, which you may or may not be able to pay
- He or she may have unrealistic expectations about the true value of the business, especially in a down economy
At Army & Army, L.L.C., we have been helping Massachusetts business owners through the challenges of divorce since 1996. Clients appreciate our breadth of knowledge, not only in family law matters, but also in real estate law and business law, which can come into play in complex property division.
If you are considering divorce or have been served with divorce papers, work with a lawyer who has experience providing legal help for business owners getting divorced in Massachusetts. Contact the Grafton or Worcester divorce attorneys at Army & Army, L.L.C., to arrange a free consultation.
Protecting the Integrity of a Business
The goal in any division of assets in divorce is to ensure that each party receives a fair and equitable share of the marital assets. When it comes to divorce and business owners, the main points to be negotiated include determining whether both spouses have an interest in the business, determining the value of the business, and determining how the value of that asset will be transferred.
- Ownership Interest — Sole ownership of a business before marriage (or participation in a professional practice or business partnership) does not mean that your spouse has no claim on the business. Your attorney will need to review a number of factors to determine if the business is individual property. Your spouse may have an interest in the business to the extent that it has appreciated in value over the course of your marriage.
- Business Valuation — Once it has been determined that the business is a marital asset, the next step is to gain an accurate assessment of the true value of the business, taking into account asset appreciation, business goodwill, intellectual property, the value of real estate, and business debt. Our Massachusetts business valuation lawyers work with business valuation experts, financial actuary specialists and accounting professionals to gain an accurate valuation of a business.
- Distribution Options — If it is determined that your spouse does indeed have an interest in your business, there are a number of ways that asset division can be accomplished. Some of those will be more harmful to the business than others. We can advise you on your options and will negotiate or litigate to help you achieve the best result.
It's important that you get complete and accurate information, and understand all of your options before you make a decision about your property settlement agreement. Talk to a Worcester divorce attorney at Army & Army, L.L.C., for assistance with business valuations. Contact our law firm online or by calling 888-339-4206.
