A Divorce Guide for Business Owners
Every divorcing couple has assets that need to be equitably distributed, but few couples have to deal with the valuation and division of their own business when they get divorced. Let’s face it, most Americans are working their 40 hours a week for someone else instead of owning their own business. They may put their paychecks towards homes, vehicles, or savings accounts that must be divvied up in a divorce, but owning a business is different.
You may have started your company much to your spouse’s chagrin only to become very successful, and now you’re wondering if they’re entitled to half. Or you might have ownership interest in a business and be worried your divorce will affect the whole company. These concerns are unique, so you need someone with a unique perspective to help you through it. Beth Barbosa, an Edina divorce lawyer for business partners and business owners, can help you answer all these tough questions. And in the meantime, here’s a quick summary of what to expect during your divorce.
Valuation of Your Business
Before any decisions are made about who’s entitled to what, your business must be accurately valued by a business valuation professional. Business owners are often surprised by the value of their business: either thinking it’s worth much more or much less. An accurate valuation can help you and your Edina divorce lawyer formulate an idea of how negotiations might go with your spouse.
If your business is valued at less than you thought, there’s no need to fret! It may actually be beneficial to know that information, especially if your spouse is under the impression that the business is worth much more. Beth Barbosa works with credible and professional evaluators to discover the true value of your company and uses that information to make sure you receive fair treatment in your divorce.
Your Business as A Financial Asset in Divorce
Once you understand the true value of your business assets, you can work with your family law attorney to determine how those assets may be affected by your divorce. Every situation is different, and there’s no one size fits all approach to divorce for business owners.
It’s important to note that when discussing business ownership, we’re only concerned with the value of the business. That amount can be satisfied through a buyout; your spouse is not compelled to remain a part owner of the company. In other words, you won’t be forced into staying in business with your ex – unless that’s the path you both choose!
Negotiating a Business Buyout With Your Spouse
For anyone who doesn’t want to see their ex-spouse at the office every day, a buyout may be the right choice. The quantity and value of your assets as a whole will dictate your options when it comes to a buyout. If you have substantial personal and marital assets, you may be able to negotiate a buyout using those assets that takes into account your company’s value without jeopardizing anything on the business end. But even if you don’t have current liquid assets available, Beth Barbosa will help you find a creative solution that will keep both you and your spouse happy without compromising the continued success of your business.
Beth understands that most business owners don’t want to be forced to sell just because they’re getting divorced. That’s why she works diligently to help divorcing business owners come up with a strategy to keep their companies. But if selling your business or ownership interest is the route you want to take, Beth can help with that plan, too.
Family Law Lawyer for Business Owners Edina
Sadly, it can be difficult for divorcing business owners to find advice and support. Many family law attorneys are not familiar enough with divorcing as a business owner to offer ironclad advice to their clients. That’s why the best thing you can do to prepare yourself for this divorce is to hire an Edina divorce attorney for business owners who has extensive experience in this area.
Beth Barbosa will work to resolve your concerns quickly and in the most beneficial way for you and your business. Going through a divorce can be a stressful, trying time. And, on top of the regular stressors of divorce, you have a business to run! Beth is sensitive to the concerns of divorcing business owners, and you’ll appreciate her past experience helping people like you get through tough divorces. Contact Beth at (612) 564-0137 to begin.