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What does the court do in a divorce case when one spouse owns a business?

What does the court do in a divorce case when one spouse owns a business?

What does the court do in a divorce case when one spouse owns a business?

What does the court do in…
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As a general rule, any property acquired during the marriage and in existence at the time of divorce is marital property. That applies to business interests, as well.

In many divorce cases, one of the most contentious issue is the valuation of any business owned by one or both spouses.

There are many methods for valuing a business, including market-based approaches, income-based approaches, and asset-based approaches.

Most businesses have both tangible and intangible components to value. Tangible components are things like equipment and inventory. Intangible components include such things as reputation; either the reputation of the business as a whole, or the reputation of the individual owner or owners. This is sometimes referred to as “goodwill.” The law may treat these components differently. For example, depending on the circumstances, the law may define reputation as a marital asset, or as non-marital property.

As a result of these issues, one of the most important decisions for you and your lawyer to make is whom you choose to value the business involved. Your valuation expert needs to be someone who understands the particular issues involved, and someone who will be respected by the court.

If you are involved in a divorce case involving business interests, be sure to select a lawyer who is familiar with the issues and who can guide you through the process.

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– Divorce Client , ★★★★★ Lawyers.com Review
“I highly recommend Geoff. He and his all-star team assisted me through a difficult and contentious divorce and child custody case. Geoff’s knowledge and personal relationships really assisted in the positive outcome of my case. Geoff was efficient throughout the…”
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“Took a personalized approach to my complex divorce and was available to achieve an outcome beyond my highest expectations.”
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“Strategic and Pragmatic. Geoff has seen plenty of situations and how they play out. Geoff has an expert understanding of the process. Geoff does a great job of communication and letting you know what’s going on by including you in…”
– Divorce Client , ★★★★★ Avvo Review
“One of the most dedicated, fair, competent, patient attorneys I have had the pleasure of dealing with. He has helped myself and many others through some difficult times. He is a very good listener and can direct you in the…”
– Divorce Client , ★★★★★ Lawyers.com Review
“Excellent at simultaneously executing specific tactical aspects of the case while maintaining overall macro view.”
– Family Law Attorney
“I have worked with Geoffrey S. Platnick as an expert witness in several cases and find him to be an excellent attorney with a real interest in his clients.”
– Child Custody Expert , ★★★★★ Lawyers.com Review
“Absolutely amazing during a very difficult time.”
– Divorce Client , ★★★★★ Lawyers.com Review
“He is a brilliant lawyer, a fantastic strategist, willing to resolve cases through mediation but kick butt in court if that is required, and in the final analysis, effective in achieving his clients’ goals. One of the really great ones.…”
– Family Law Client , ★★★★★ Martindale-Hubbell Review
“A very empathetic and diligent person and attorney. His tact in suggesting acceptable solutions to emotionally charged situations and sensitivity to child issues that can easily get neglected in the egoic fracases in such cases is truly exemplary. I am,…”
– Family Law Client , ★★★★★ Martindale-Hubbell Review

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