Protecting Your Business and Hard Work in Divorce
If you’re trying to determine what happens to your business in a divorce, you may worry that if the business is divided between you and your spouse, the won’t have enough resources to continue being profitable. You may fear that the time and energy you spent building the business will be wasted if your spouse gets more than their fair share. Or, if your spouse owned the business but you contributed by working for them, you may not know if your contributions will be given enough credit.
Dividing a couple’s marital assets is hard but trying to quantify the success of a business throughout the length of your marriage is especially difficult. At The Law Office of Jennifer J. McCaskill, LLC, we want to make the process go as smoothly and efficiently as possible. We look at several factors to the business’s success and make sure each party is treated fairly.
Making Your Interests a Priority
Valuing a business is difficult for many reasons, the biggest being that not every aspect of its value is tangible. For example, if one spouse agreed to stay at home with the children so the other spouse could grow their business, how much did the decision of the stay-at-home parent contribute to the success of the business? There’s also the value of the business property to consider. Can all inventory be valued the same if half of it is five years older? How do you value the cash register, counter, tables and other structures?
There are many ways to value a business and each one has their own advantages. The best thing to do is work closely with an attorney who has your best interests in mind, and to hire a CPA or CBA to properly evaluate the company.
We Can Help You Today
At The Law Office of Jennifer J. McCaskill, LLC, it’s our mission to provide families in Red Bank, New Jersey with quality legal advice. We understand that divorce is difficult, and we don’t want you to be afraid of the future. If you need to value a business you or your spouse own, call us today at 732-747-1882 or send us an email.