A family-owned or entrepreneur-owned business can represent a significant portion of a marital estate. As such it could be subject to division as part of a divorce property settlement.
At Law Offices of Burch & Lockhart, in Manchester, we have extensive experience handling divorce cases involving the ownership of businesses and professional practices. We work diligently to protect the rights and interests of our clients — and to help them achieve property settlements that are fair and equitable.
If you have questions about divorce and business assets, call us today at 931-723-7997. In a free consultation, an attorney can review your case and explain how we can help you.
Placing A Realistic Value On A Business
There are a number of business valuation specialists who will gladly provide a valuation figure. There are also software programs that can produce valuation figures. But there is much more to valuing a business than using a software program or comparing it to recent sales of similar companies.
At Law Offices of Burch & Lockhart, we dig deep into a business' finances and operations. When representing you, we will retain the services of a trusted business valuation specialist. We can also call upon a tax accountant, real estate appraiser and other professionals. Undertaking a comprehensive examination of all aspects of the business, we will ask questions such as:
- What is the realistic value of the business if it were to be sold today?
- What is the value of the real estate on which the facility is built?
- Does the business have significant tax liabilities or tax loss carryforwards?
- What role did the other spouse play in starting and operating the business?
- Are the revenues and profit stream stable, highly variable, increasing or declining?
Once we obtain a realistic valuation of the business or professional practice, we will determine what percentage of that figure represents the marital component and what percentage represents separate property. Our family law lawyers will seek the best possible outcome for you in settlement negotiations or in court.
Contact Our Firm For A Free Consultation
Whether you own the Tennessee business in question or your spouse does, Law Offices of Burch & Lockhart, can advise and represent you. Call us at 931-723-7997 or send an email to schedule a free consultation.