Divorce can take a significant toll on the financial stability of a small business. For business owners facing divorce, the challenge lies in accomplishing asset distribution without leaving the business in financial ruins. Just because your marriage is falling apart does not mean your business should, too.
In these cases, a significant aspect of property division involves identifying and valuing business interests. Yet business valuation is a complex undertaking. It often requires the involvement of certified public accountants, business appraisers and other financial experts.
Addressing The High-Stakes Issues Business Owners Face
At Burbank & Collins, P.S.C., we understand the central role business valuations play in the outcome of high net worth asset distribution. We routinely represent business owners in all facets of divorce, including determining how to value a company. Our first priority is protecting all you have worked so hard to build.
Applying decades of family law experience — and leveraging connections with nationally acclaimed financial experts — our attorney helps clients overcome the many challenges associated with business valuations, including:
- Determining whether the business interests are marital or nonmarital
- Identifying the appropriate method for valuing a company, whether a partnership, limited liability company (LLC), closely held corporation or sole proprietorship
- Outlining each spouse’s contributions to the business
- Valuing business assets and liabilities
- Setting a monetary value on goodwill, whether enterprise or personal
Ultimately, accounting for business interests in divorce involves a multitude of fact-specific considerations. Lawyer Reneaux Collins works closely with clients to develop an appropriate strategy for protecting their interests, whether that means buying out one spouse’s interests (the traditional approach) or customizing a continued co-ownership scenario if the business cannot otherwise remain viable. She excels at developing unique strategies on a case-by-case basis for advancing the best interests of the business at issue.
For individualized guidance on the complexities of business valuation and dividing a business, please contact the firm online or call 502-585-5100. Based in Louisville, we handle high-asset divorce cases across the Commonwealth of Kentucky.