Business Ownership Makes Divorce More Complex
If you or your spouse owns or has an interest in a small business or a professional partnership, you want to be sure that issues regarding business valuation are carefully considered to ensure an equitable division of assets. Many issues are involved in considering the value of a business or business interest, including whether the business has goodwill or retains earnings, the marketability of a business interest and the degree to which the value of the business is tied to the personal services of the owner.
We Know Our Way Around Divorces Involving Business Ownership
Linda K. Wray has extensive experience handling divorces involving small businesses. She has worked with clients who own a variety of such businesses, including insurance companies, market research consulting firms, medical practices, therapy clinics, retail stores and auto franchise dealerships. With more than 15 years of experience, she is able to provide her clients with the skill and expertise needed to properly consider a business in a marriage dissolution. Protect your future and your assets. Obtain the professional and sophisticated assistance of Linda K. Wray.
Contact us at your convenience to schedule a consultation with a highly skilled Minneapolis lawyer who has extensive experience with divorces involving business valuations.
Divorce Business Valuation Options
Many, but not all, business assets are complicated. Parties can choose to have a summary valuation done by a business valuation expert. The business valuation expert will review corporate tax returns, balance sheets as well as profit and loss statements and often provide an oral report as to the range of values at which the business might sell. Such a summary valuation can save parties substantial fees. However, this type of valuation is generally not admissible in court.
Parties can also choose to have a full business valuation conducted. Such valuations provide greater certainty as to the fair market value of a business and provide good evidence of value if a case goes to trial. However, full business valuations are often costly.
Contact A Skilled Edina Business Division Agreement Attorney
For more information, or to schedule an appointment with an Edina attorney experienced in marriage dissolutions involving businesses and complex property division, call 952-806-9900 or use our online contact form.