Under the law, a closely held business is a marital asset. If you own a business, shielding the enterprise from divorce may be a chief priority. If your spouse is the business owner, you deserve to be compensated for your equity stake. If you have operated a business together, you must decide whether to continue as partners, opt out, sell the entity or liquidate it.
The law firm of Kvale Antonelli & Raj has experience sorting out business valuation and other intricacies of business ownership in the context of divorce and property division. We can knowledgeably address the legal implications of partnerships, limited liability companies (LLCs), family businesses, professional practices and closely held corporations.
Valuing The Business And Dividing The Marital Interest
In a contested divorce, spouses often fall into the trap of hiring dueling business valuation experts. The estimate from the owner's expert will be predictably low and the counterpart's estimate will be unrealistically high, leading to yet a third court-appointed evaluator who will probably settle somewhere in the middle.
We encourage clients to skip the gamesmanship and added expense by hiring one neutral evaluator at the outset. Once we have an agreed value, our attorneys can structure a buyout of the spouse's interest or account for the equity in trade-offs of other assets.
Moving Forward Is Our Goal, Too
Our philosophy is that both spouses benefit when a business continues to thrive in the aftermath of divorce. We are careful to protect the business while engineering a solution that serves and satisfies both parties.
To discuss business valuation and all aspects of your divorce in Northeast Ohio, call our Cleveland law office at 216-861-2222 or contact us online.
