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Three main points when a business is part of property division

When it comes to the dissolution of a marriage, California has specific laws in how the assets are to be divided. If a family business will be part of the property division, there are some main points that need to be taken into consideration. It may be beneficial to learn as much as possible about the company's value with the assistance of experienced professionals.

The first task when determining how to arrive at the best compromise regarding a family business is to get an accurate appraisal of its value. There are three main ways to arrive at an accurate valuation. These include the income provided by the enterprise, the market value based on comparable businesses and the overall worth of the business itself. It may be vital for the spouse who is not involved in the daily operations to obtain the services of an experienced professional who can conduct a thorough review of the company's inner workings and tour the facility while obtaining firsthand information from company officials.

Secondly, it may be helpful to ensure that one is aware of the California laws regarding not trying to collect two-fold from a company's assets while also filing for other means of support. An example could be agreeing to a percentage of the company's future earnings while also trying to arrange for other income from a former spouse. Lastly, ensuring that a former partner is not attempting to underestimate the value of the company or to attempt to use the company's assets to cover expenses related to the impending divorce can be crucial.

There are professionals who can help determine the most accurate valuation of a family business. If a company was started before the marriage commenced, there are ways to accurately assess the value that has accrued during the time of the union. California residents who are unsure how to proceed may be best served by consulting with a family law attorney who is well-versed in property division in order to enable a spouse to emerge from the dissolution in the best possible financial position.

Source: wealthmanagement.com, "Three Pressing Issues For Business Owners Going Through a Divorce", Mark S. Gottlieb, Jan. 30, 2018

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