Business Valuation & Divorce
Protect Yourself with a Birmingham Divorce Lawyer
The divorce process can be difficult to navigate under any circumstances.
When one or both spouses own a business, the situation becomes even more
challenging. At Shaw Family Law, our
Birmingham divorce lawyers have been in the family law business since 1987 and have built a reputation
for handling some of the most complex divorce settlements in the area.
A big part of what we do is helping clients to properly assess the worth
of a family business.
How Does Business Valuation Influence Support Payments?
The amount of child support and/or spousal support that one former spouse
owes the other is largely determined by their respective income levels.
When one of the spouses owns their own business, it can be hard to accurately
establish a monthly salary. Oftentimes, business owners will use business
funds to pay their personal expenses and don't take an income at all.
This makes it appear as if the business owner has no income and the business
is turning less profit than it actually is.
Whether this bookkeeping sleight of hand is done maliciously or not, the
results can be much the same. If a proper valuation does not occur, the
spouse who does not own the business is likely to wind up with a much
smaller share of the marital property than they're legally owed. This
can also negatively affect the amount of child support paid for the children.
Business valuation should take into account:
- Tangible property
- Intangible property
- Business debts
We Work in Concert with Financial Professionals
At Shaw Family Law, we've always believed in the team approach. When
it comes to business valuation, cases often include enlisting the counsel
of outside accountants and financial planners. Working closely with them
throughout the discovery process, we're able to more accurately and
efficiently assess the value of a family-owned business.
To put our Birmingham divorce lawyers to work for you,
call us at (205) 259-7650.