A closely held business becomes a marital asset in divorce. That raises the issues of what the business is worth and how to account for that value in the division of property.
At Danielsen Westhoff, PC, our attorneys are well-versed in business valuation and complex asset division. We have represented business owners and their spouses in divorces throughout Colorado.
Putting A Dollar Value On The Business
With many thousands of dollars at stake, valuation becomes a major point of contention. Determining the value for purposes of divorce usually requires a professional business valuation. In many cases, the spouses hire one specialist and agree to abide by the findings. At other times, spouses hire competing experts and contest the difference in court.
Our lawyers have a network of experts who are familiar with different types of businesses and we have litigated business valuation disputes in Colorado courts. We will faithfully protect your interests.
How Does The Business Figure Into Property Division?
Maybe you started a business together. Maybe one spouse owns and operates the business. Either way, both spouses are presumed to have a stake in the enterprise as a marital asset. Once we have settled on a market valuation, the main options are to liquidate and divide the proceeds or allow one spouse to retain the business and buy out the other spouse’s share.
There are many possible solutions for keeping the business going. In the property settlement, the business owner might give up the house or retirement funds, agree to alimony payments or lump sum compensation, or take on a larger share of marital debts. We help clients negotiate a win-win solution that makes the most business and financial sense.
Protect Your Business And Personal Interests
Our experienced divorce lawyers can speak with you an initial consultation to discuss business valuation and how to preserve and protect a business in divorce. Call our Broomfield office at 720-739-7835 or contact us online to schedule a time.