When spouses separate, the issue of the family business can seem overwhelming. It does not have to be. Our firm has successfully represented clients in divorce proceedings that involve the division of businesses.
Accurate Valuation
One of the most critical concerns is putting an accurate dollar value on the business in question. This will guard against any attempt by the opposing party to "double dip." In other words, it will prevent a claimant from obtaining a portion of the business's value in addition to an alimony award based upon that business's revenue.
Reaching a correct number is also important because the over- or undervaluation of a business could lead to an unfair division of assets. When you retain our services, we will thoroughly investigate the finances at play, including debts and revenue accrued during your marriage.
One Bite of the Apple
Usually, business valuation is conducted in conjunction with the disclosure of all marital debts and assets. Once a dollar value is reached, your assets have been divided and a divorce decree is issued, there can be no going back. As we like to say, you get only one bite of the apple. No more.
Unlike child support or spousal support payments, asset division is final and cannot be revisited except under extraordinary circumstances. These might include fraud or the secreting of assets.
Warren Property Division Lawyers — Crafting Clear Solutions
In many situations, business owners can put personal differences aside to develop a fair settlement. In many more situations, this is not the case. That is why our Michigan attorneys are committed to helping you handle division of the family business.
We know that arriving at an equitable solution is not always easy. Often, courts are ill equipped to deal with the complex matters involved in business valuation. At Dart and Drouillard, P.C., we work with a team of qualified accountants, chartered financial analysts and other experts to help maximize your claim against a business asset.
Contact us toll free at 800-797-5677 or at any of our office locations in Livonia, Novi and Grosse Pointe Farms.
