Business Valuation Lawyer in La Jolla
Determining the Value of a Business in a Divorce
In the divorce process, the marital assets and debts must be divided. Community property involves all assets acquired during the marriage, including a business that is owned by either or both spouses. At Dan McCandless Law, APC, our La Jolla business valuation attorney uses his experience in law and accounting to help our clients value and divide their personal and business assets.
The best way to learn how divorce may impact your business is to call (858) 266-9171 to request a consultation.
Characterizing & Valuing Assets
In the divorce process, all assets must be characterized as either marital property or separate property. This includes all real estate, financial accounts, and other assets. In addition, the value of certain property and assets will need to be determined before it can be split between the spouses. This includes personal property and business assets.
In characterizing business assets, the court will consider whether the business was:
- Inherited or started on your own
- Established before or during the marriage
- Owned alone, with a spouse, or with other partners
- Created with personal, inherited, or marital assets
These details are extremely important when determining how the assets will be divided and whether the business will be considered personal or marital property. Once the business is characterized as marital property, the next step will be determining the value of the business for the purposes of property division.
How Is the Value of a Business Determined?
Depending on the complexities of the situation and whether the spouses agree or dispute the value of a business, it may be necessary to bring in professionals. Our La Jolla business valuation lawyer works with experts, including CPAs, accountants, and other professionals, to provide the highest level of service to our clients.
You may need to supply financial documents, such as:
- Financial statements
- Balance sheets
- Bank records
- Tax returns
- The value of the facilities or offices
Once the value of the business has been determined, the divorcing spouses may accept the information or dispute the value of the business. When there is a dispute, the court will make the ultimate decision regarding the value and how the assets will be split. It may be possible to keep your entire business, but you may have to negotiate by giving up other assets and property.
In-Depth Knowledge of the Law & Experience in the Financial Industry
At Dan McCandless Law, APC, we understand the effort and dedication that goes in to building a successful business. Our La Jolla business valuation lawyer has a background in accounting and financial services, prior to attending law school. This provides our clients with the advantage of financial advice and guidance, as well as seasoned legal representation.
We work to protect the rights and interests of our clients in the divorce process. Our attorney limits the number of cases he takes on to provide our clients with the personal attention and dedicated legal representation they deserve. You will work closely with your lawyer through every phase of your case, from valuing your business until your divorce is final.
Please call (858) 266-9171 to discuss how divorce may affect your business.