Help For Dividing A Small Business In A Divorce
Divorce is never an easy thing to go through. If you or your soon-to-be ex-spouse owns a business, things can get even more complicated.
The involvement of a small business in a divorce proceeding can be extraordinarily difficult to navigate without the assistance of an attorney experienced in both family law and business valuation. At Bull & Reinhardt, PLLC, we understand how much is at stake when a business is involved and will represent your interests throughout the divorce process.
Determining The True Value Of A Business
Following North Carolina’s equitable distribution rules for dividing marital property, the spouse of the business owner may be entitled to a share of the value of the business, even if the business was started prior to the marriage and the spouse did not play a significant role in its operations. To arrive at an equitable division of the business, the true value must be determined.
Arriving at a true market value, however, can be difficult since the money that an owner takes out of a business is discretionary. Therefore, this cannot be used to determine the value of a business. Additionally, the owner may reinvest profits or depreciate assets to minimize taxes.
Because you may not see the income, it is difficult to know the business’s true value. Our attorneys work with forensic accountants to calculate and determine the true value of the business.
Arriving At A Resolution
Every small business is different. Throughout the divorce proceeding, we will aid and provide guidance, ensuring your business is still operating as usual. Depending on your situation and interests, we can recommend or address several solutions for you and your spouse, including buyout options, swapping assets or selling the business.
Whether you are the business owner or your spouse is, we understand that this is a time of uncertainty. Our lawyers have decades of experience navigating the interests of divorcing business owners, no matter the structure of your business. We will represent your interests throughout the divorce process, whether they require negotiation or litigation.
Protecting What You Have Worked Hard To Create
If you are about to go through a divorce and a small business is involved, our attorneys can help you get your equitable share. Schedule a consultation at our Asheville office to learn about the options for your situation. Call us at 828-348-8053 or reach out to us online.