What Happens To A Closely Held Business In Divorce?
At my firm, Daniel R. Bacalis, P.C., I have extensive experience in divorce cases involving the ownership of businesses and other complex asset holdings. In addition to my own considerable experience, I have access to other resources I have developed over the years, who can provide key insights into issues of valuation, taxation and other issues.
In most cases, it will be important to maintain the viability of the business as an ongoing concern. For the business owner, it provides a livelihood. For the spouse, it can serve to produce a continuing stream of income that can pay for alimony. Whether you are a business owner or the spouse of an owner, my firm will work hard to achieve a solution that enables the business to continue as a profitable concern and that protects your rights and interests.
Valuing the Business
It is critical to obtain a fair and realistic valuation of the business. I will work closely with a business valuation specialist, tax accountant and/or other professionals to obtain a clear understanding of the value of the business in question. I will dig deep into the company’s finances, making sure to account for all depreciation, deferred taxes, tax loss carry forwards and other “hidden” business assets and liabilities that may not be readily apparent.
Divorces involving businesses present many complex issues. As your lawyer, I will work hard to protect your rights and interests at all stages of the legal process. While I am reasonable in my approach, I am a skilled and tough negotiator. If necessary, I will undertake litigation to protect your rights and achieve your goals.