Devoted to providing Orlando with excellent divorce law representation.
Orlando Divorce Attorneys – Business Valuations
A family owned business can be one of the major assets in a divorce. There also may be debt associated with the business. A business may be a marital asset even if it is only in one spouse’s name. If it was acquired during the marriage with money earned during the marriage, or if it was improved upon or financed during the marriage, it may be a marital asset.
A business valuation may be needed to accurately assess the value of a family business. If the business is primarily run by one spouse, that spouse may downplay its value and the other may not have the information needed to assess the accuracy of that value. Whenever there is an issue regarding the valuation of a business, it is wise to have an independent business valuation performed by a financial expert. If you agree to a valuation without one, you may have waived your rights if the actual value is substantially higher.
Sometimes people operate under the misguided belief that a business appraisal, or valuation, costs too much. However, it could be much more costly if you significantly underestimate one of the most significant family assets.
The DeWitt Law Firm has represented many individuals in divorces involving closely held businesses. Since we have a legal background in corporate and commercial matters, we are uniquely qualified to work with you and a financial expert and to advocate your interests in the valuation process.