When business owners file for divorce, both spouses are generally entitled to a share of the business. However, dividing the property fairly is a complex process. Failure to protect your interests in these proceedings could severely diminish your net worth and expose you to unnecessary risk and liability.
Kallen Law Firm, LLC has over 45 years of combined experience handling business valuation and distribution in relation to divorce and property division. Our business valuation lawyer handles your case with the utmost precision to ensure your contributions are recognized in property division arrangements.
One of the most challenging aspects of dividing a business in a divorce is the valuation of the business property. Our firm works closely with forensic accountants and other highly-qualified experts to help us determine the business valuation of a closely-held business.
A closely-held business is a business that is owned by only a few stockholders.
This type of business may officially be any of the following:
The key factor in any closely-held businesses is that they are owned only by a few stockholders. Family businesses are usually closely-held businesses, and these types of held businesses may be subject to property division laws in the event of a divorce of one of the owners.
Depending on the structure of the business and how it is operated, assets can be hidden within the business that must be uncovered in order to fairly distribute marital property during a divorce. Additionally, if the divorce causes one owner of a closely-held business to leave the company, there are tax implications and liabilities that must be addressed.
It is important to have legal representation if you are a business owner or the spouse of a business owner and are going through a high asset divorce. Your attorney must be familiar with the financial, accounting, and tax-related issues that affect closely-held businesses and small companies.