When you own a business, a divorce can put everything you’ve built at risk. If you’re concerned about protecting your assets or what might happen to your business, contact a Terre Haute business valuation attorney.
As a business owner, you have plenty to lose during a divorce. While you may be expecting to split property and assets with your spouse during the divorce, you may not realize that your business may be split, as well.
Valuing your business, especially if your spouse is a partner, will be important for deciding the overall value of the property you and your spouse are splitting. If you’re concerned about protecting your company and keeping it running, speak with a Terre Haute business valuation lawyer.
Divorces are never easy, and a business valuation means complicated calculations and concern that you won’t get the deal you deserve. If you need help getting a fair split, contact us.
How Is Business Value Determined?
Typically, a business valuation will require a professional who has experience assessing the value of businesses. Several factors will go into determining how much your business is worth, such as the following:
- Fair Market Value – Fair market value is the amount your business is worth on the market. So, if you were to immediately sell your business, this is what it would be worth. This figure can be a useful guide as you try to understand what you’ll get to keep and what you might lose in your divorce.
- Assets – If your business has a few large assets, your business valuation lawyer in Terre Haute will need to account for them. For instance, a bakery may have industrial ovens that are worth a considerable amount of money, or an accounting firm could have valuable office space.
- Income – The amount of cash flow for your business could also be important in determining a fair value. A business with a high income compared to its expenses will be more valuable than a business that doesn’t bring in much income.
Dividing Your Business in a Divorce
When it comes to splitting the value of your business between you and your former spouse, you’re running the risk of losing half of the business you’ve built. Indiana’s default method of dividing property in a divorce is to split everything as fairly and reasonably as possible.
If there are reasons that a fifty-fifty split wouldn’t be fair, you may need to speak with your business valuation attorney in Terre Haute about splitting your assets differently.
Once we know the exact value of your business, we can step in and help you find a fair way to split this asset and move forward. Your business is your income—we’ll help you protect it.
Consult a Terre Haute Business Valuation Attorney
When you’re in the middle of a divorce, you may be splitting everything, but your business will be one of the toughest assets to place a value on. You’ll need a professional to determine the value of your business, and you’ll need legal guidance from Rowdy G. Williams Law Firm to protect your business and divide it fairly.
If you’re a business owner and you need to protect your assets, source of income, and equity during a divorce, contact a Terre Haute business valuation lawyer. Give us a call at 1-812-232-7400 or fill out the online contact form below.