Rochester Business Valuation
Business & Professional Practice Valuation in New York Divorce Cases
Divorce is difficult enough without the added burden of losing your business or its value. Just because your marriage is ending does not mean that the business or professional practice that you spent time and effort building needs to be destroyed or hampered. If you own the business or practice, The Glennon Law Firm, P.C. can help you preserve it. On the other hand, if you helped your spouse build it or if you cared for the family throughout the years while it was being built, we can help you get your fair share of its value.
For a confidential consultation with our Rochester divorce lawyers, call us at (585) 294-0303 today.
How to Value Your Business during Divorce
Your business will be considered marital property if it was established during the marriage or if its value increased during the marriage. If your business is considered by the law to be marital property, it must be properly valued before it can be divided.
Calculating the value of a business or professional practice can be complicated. To determine the value of a business the following may be done but working with our professional business evaluators will get us better insight.
- Adding up the value of business assets and everything it owns.
- Evaluating the revenue and financials of the business
- Understand Assets and Liabilities
At The Glennon Law Firm, P.C., we work closely with financial and business valuation professionals who can ensure that your business or professional practice is assigned an accurate and fair value.
Dividing Business Assets
Once a business or professional practice has been valued, the next step is to equitably divide the business value between the parties. Business division is always on a case-by-case basis.
Factors that may impact how your business assets are divided include:
- How the business is structured
- What portion of the business belongs to the non-owner spouse
- How to place a value on the skills and talents of the spouse with a stake in the practice or company
- Fair market value of a business
- Fair value (different from fair market value), which includes a discount for lack of marketability
When dividing the business, you may consider a buyout, selling the business, or dissolving the business. The value of a business interest can also be offset in a divorce by other means, such as through alimony settlements or other property settlements.
Contact our Rochester divorce attorneys who understand business valuations at (585) 294-0303.
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