Years of hard work go into making a business successful. Over time it can become your most valuable asset. It is important to get an accurate valuation to protect your private practice or family run business through divorce proceedings. Our Long Island attorneys at Cobert, Haber & Haber can work with professionals to accurately valuate your business.
Experienced Valuation For All Types Of Businesses
Underreporting or over reporting the value of a business can have major implications in a divorce. Our attorneys will consider a number of factors for accurate valuation. We will judge the current income of the business, the future income and the market value of the company. Income is not the only factor in business valuation. Our lawyers will also consider business debts.
Business ownership is an investment. Every business owner acquires debts. We can help determine those debts which can be split between both spouses. We will include property holdings, business loans, and any remaining balances into your valuation.
Uncovering Hidden Business Assets
It is possible that your spouse will attempt financial maneuvering to hide assets. Underreported earnings can go on for years without the other spouse knowing. This is especially common when one spouse handles all the business finances. Lowering the true value of a business can mean that you will not get your fair share in the divorce settlement.
We can make sure to uncover all assets in divorce. Both you and your spouse made sacrifices for the business and you both deserve a fair portion. Businesses acquired during marriage will be split fairly between each spouse. Businesses acquired before marriage can be considered personal property, but any appreciation during marriage is marital property. You should receive a fair settlement whether you worked for the business or supported the business by other means. We aim to protect your financial earnings through strategic representation.
Arrange A Personal Consultation
Business valuation is complex and different for every client. Our experienced legal professionals are available to discuss your goals and formulate a plan. Contact us online or call us at 516-248-7844 to arrange a personal consultation with a lawyer.