While there may not seem like such a thing as an “easy” divorce, a marriage dissolution that involves extensive assets is especially difficult and notoriously complex. That’s because evaluating a business is seldom a simple matter. So, where does that leave you and the future of your business? Is your livelihood, or the livelihood of the people that you employ at stake when you and your spouse decide to divorce?
If you are in this situation, you need the sound legal advice of a divorce attorney with experience dealing with high-asset businesses. The Salt Lake City high asset divorce attorneys at Christensen Law have the knowledge and experience to handle cases just like yours. We have a solid track record of helping entrepreneurs like you protect their business assets and their finances as your marriage winds down. Call us at (801) 303-5800 or reach out to us online to schedule a free consultation at our Salt Lake City office.
Why is a Business Valuation so Complicated?
Splitting up standard marital property in and of itself can be complex. To begin to determine how a Utah business is valued and then potentially divided between the spouses in a high-asset divorce, the court needs some specific information.
For example, there are different considerations about how to divide the asset of a business depending on when it was acquired or started, i.e., before or after marriage, and who contributed money, or the most money, to buy or run the business.
Another complication is the challenge of assigning an accurate value to the business itself. Obviously, there are profits to consider. Value also has to be placed on equipment, inventory, accounts receivable, and investments along with intangibles like goodwill.
Other factors that may come into play include:
- Did both spouses put equal effort into the business?
- Are you co-owners and are there others besides your spouse with an equity stake?
- Which spouse may be best equipped to keep the business running?
- Can the business continue without the current owner and better off sold and the proceeds split?
- Does the business own real estate?
- What are the annual earnings?
- What are the tax implications?
- Type of product or services
- The future trend for demand and growth
- Financial history
The type of business structure itself can also be a factor in the division of assets at the end of the marriage. With so many issues that can arise, it is vital to obtain the guidance of a knowledgeable attorney who has handled these types of high-asset cases before.
With 35 years of combined experience in divorce cases, the team at Christensen Law has the know-how you can count on to sort through the most complicated business asset problems.
Can an Attorney with Christensen Law Help Me?
A competent attorney is a powerful force in your divorce case. You may know your business inside and out, but are you aware of all the intricate details the court requires? A divorce attorney can maneuver through the complicated process of reasonably assessing the value of your high-asset business. You worked hard to build your business into what it is today; don’t let it get torn apart in divorce court.
At Christensen Law, we understand how to protect your rights and your business in a divorce proceeding. We have a comprehensive track record of providing sophisticated strategies and options for owners of successful businesses. Not only can we provide an accurate valuation of your business, but we can also advocate for a fair and reasonable division of all of your assets.
In a high-asset divorce with a lot of money and property at stake, tensions may run hot, but we keep cool by working diligently to properly value and protect your business.
Frequently Asked Questions About Business Valuation in Divorce
Here are some of the questions that high-asset clients often ask our divorce attorneys at Christensen Law. To discuss the specific details of your business structure, call us at (801) 303-5800 today.
I acquired my ownership shares in my business before I was married. Will it be considered a marital asset?
Starting or buying a business when you were single doesn’t mean that your spouse will not be entitled to any value from it. If you invested money into the business during your marriage, or there was an increase in income from the business or value of the company during the marriage, that value may be subject to division in a divorce.
I have a small business that may not be worth a high-dollar amount. Do I still need a lawyer?
Yes, it is still a good idea to retain legal representation. You may be surprised at just how valuable your business is. Even the office equipment and other tangible property can add up and must be divided. A lawyer can organize a valuation, no matter how large or small the operation.
My spouse didn’t earn a salary but still participated in the running of the business. Is my spouse still entitled to some of the assets?
If your spouse contributed to the running, marketing, or any other aspect of the business, a court may determine that the spouse is entitled to a part of the value of it.
Contact Christensen Law for Help with Your High-Asset Divorce
Divorce is never easy, but it doesn’t have to break your bank or ruin your business. You’ve put the time, energy, and money into building your business, and it shouldn’t suffer severely due to a personal matter. That’s why you need the experience of Christensen Law. We know how hard you’ve worked over your career. That’s why we work tirelessly to enable you to protect what you’ve achieved.
High-asset divorces that include businesses are extremely complicated. We take the time to review all aspects of your divorce, including assets, plus developing a business valuation to give you the advice you need for the best possible outcome in the final divorce decree. As part of our representation, we will aggressively negotiate and litigate in your best interests in all aspects of a high-asset divorce.
You’ve fought for your business, now let Christensen Law in Salt Lake City fight for you. Call us today at (801)303-5800 to set up an appointment for a free consultation.