Birmingham Business Disputes In Divorce Lawyers
Dividing & Valuing A Family Business
When a couple divorces, it is often difficult to know how to value and divide a family business. Often times one of the spouses invested more time into the family business than the other. The family business may be in the name of only one of the spouses. However, the fact that the business is named after one spouse or titled in the name of one spouse does not determine ownership. A judge presiding over a business dispute within a divorce will ask pertinent questions to determine how the business should be divided.
Some common questions are:
- Did either spouse own the business prior to the marriage?
- Did the business increase in value during the marriage?
- Did the parties use marital assets to invest in the business?
- Is the value of the business based solely on the name of one spouse?
- What contributions did each spouse make to the family business?
- What is the value of the business?
- Will the business continue to operate after a divorce?
- Will the business be sold after divorce?
A judge will weigh these answers to make a decision that he or she feels is fair. After consideration of state and case law from their state, the judge will then determine the value of the business and issue an order that compensates both parties.
Protect Your Rights During a Family Business Dispute
If you are getting a divorce and you own a family business, it is important to protect your rights by speaking with an experienced attorney. An expert can perform a small-business valuation and determine the reasonable and fair value of the business.
Gordon, Dana & Gilmore, LLC, has the experience, skill and knowledge to help you. We have over 135 years of combined experience – we can help you keep your assets safe. We routinely use the services of leading experts who can advise and provide necessary reports or testimony. Some of the experts commonly used by our firm to handle the matters include forensic accountants, business valuation experts and property appraisers.
Business Disputes in Divorce Attorneys
Gordon, Dana & Gilmore, LLC is the preferred law firm for the handling and referral of sensitive business, personal and litigation matters that require “troubleshooting expertise” as well as a professional approach at a higher level.