Charlotte Business Valuation Lawyer

A divorce is more than just ending a marriage. It is also a formal legal process of dividing ownership of the divorcing spouses’ marital property. “Marital property” includes any assets or liabilities acquired during the marriage by either spouse. It is also possible for each spouse to have their own separate property that will not be divided in divorce. Business valuation is a crucial step in the divorce process for any business owner in the state.

Your business may be considered marital property if you started and ran the business while married. Whether or not your spouse actively contributed to the operation may not matter; if their contributions to your marriage allowed you to continue running the business or if they helped you start the business, this is typically enough for the court to consider the business as a marital asset, and thus subject to property division in divorce.

Before property division can unfold in earnest in any divorce, both of the divorcing spouses must submit a financial disclosure statement. This is a complete and accurate record of their finances, showing what property they own, what debts they owe when they acquire certain assets, and their cash flow during their marriage. It is imperative that your financial disclosure statement is complete and accurate.

If you do not provide an accurate financial disclosure statement, it can be a lengthy and expensive process to resolve this issue so the property division can proceed. If it is discovered that a divorcing spouse intentionally hid assets or they were untruthful in their financial disclosure statement, they can face contempt of court as well as other penalties, such as being responsible for the other spouse’s additional legal expenses incurred due to their obfuscation.

Business valuation can be one of the most challenging aspects of property division in a divorce due to the inherently complex nature of business ownership and assessment of a business’s operating expenses and income. If you and your spouse jointly ran the business, this can also present a challenge as one or both of you may be unwilling to continue in this manner after your divorce. You may need to sell the business or one of you will need to buy out the other’s share.

Regardless of how you intend to resolve property ownership in divorce, business valuation is a crucial step in this process to ensure the business is accurately valued and property is then divided as fairly as possible. Plumides, Romano & Johnson, PC, can provide the support you need to complete the business valuation process as efficiently as possible so you can resolve your divorce quickly.

Plumides, Romano & Johnson, PC, has the professional resources, experience, and skills necessary to address all of the issues you must resolve to complete your divorce in Charlotte. While business valuation is likely to be one of your primary concerns as a business owner, this is not the only issue you may need to resolve. You must also assess your other financial assets and liabilities, and you may also need to prepare for child custody and support determination.

We develop a client-focused strategy for every person we represent in divorce proceedings. While most divorce cases will follow the same general framework and must abide by state statutes, every case is unique, and every client will have different needs and concerns when it comes to resolving their divorce as efficiently as possible. Business owners have additional concerns when it comes to preserving the future of their operations.

Whether your goal is to maintain control over your business after divorce or you plan to liquidate and divide the proceeds in property division, we can help you accurately value your business so you can have peace of mind for this difficult aspect of your divorce. You can also rely on our team to create a strategy that addresses all other aspects of your case, such as child custody, child support, and alimony.