Building a business requires a great deal of effort, and many Florida residents spend years working to get their venture off the ground. When a divorce is on the horizon, dividing the value of that business can take center stage. The best way to move forward is to find a property division lawyer to guide the process.
Some businesses are easier to place a value on than others. A small family business with a warehouse full of inventory and no real estate holdings may be easy to place a value on. It could be far more difficult to find a value for a large corporation with complex investments, contracts and properties.
The best way to place a value on business assets is by hiring a valuation expert. Some experts focus on certain types of businesses, while others can estimate the value of many different business types. If a spouse owns a business involving intellectual assets, long-range contracts and a vast client contact list, then a financial specialist may be the way to go. In some divorce cases, both spouses will have a valuation done.
Florida business owners should make every effort to ease this process by gathering financial information to assist the professionals. They should also be available to answer questions and provide additional insight as needed. A property division lawyer can often handle the valuation of business assets. However, if the scope of the business requires additional input, he or she can help guide that process and keep the divorce on track for a timely conclusion.
Source: Forbes, “How Divorcing Women Entrepreneurs Can Get What They Deserve“, Kerry Hannon, Nov. 2, 2017