Rochester Divorce Lawyer Handling Business Valuations
Property Distribution Involving Business Valuations and Professional Assets
Property division problems in divorce can get complicated when an interest in a small business or professional practice represents a significant part of the marital estate. If your divorce will involve the valuation and distribution of business assets, contact our experienced Rochester Divorce Lawyer for dependable advice about business valuations and the division of business assets and liabilities in a divorce.
We Skillfully Handle Business Valuations and Division of Business Assets in a Divorce
While our goal in a divorce case with business or professional implications is to help our client achieve a fair portion of an accurately identified and valued marital estate, there are several intermediate objectives that first need to be accomplished when business interests are in play:
• Correctly identify the marital or separate character of business assets
• Develop an accurate valuation of the business, its component assets, and if not wholly owned, the divorcing spouses’ share
• Protect the value of the business or professional practice as a going concern
Especially when the business is a sole proprietorship, valuation disputes often arise as to assets, income and liabilities. If personal and business assets have been commingled over time, it can be especially difficult to arrive at accurate valuations and fair property distribution proposals.
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Michael D. Schmitt is an experienced Rochester Divorce Lawyer and can handle any problem in about divorce across a wide spectrum of situations: medical or dental practices property management companies, real estate agencies, accounting practices, building contractors, consulting firms, family restaurants and retail establishments of all kinds.
Contractual commitments can sometimes affect marital rights to business assets. A prenuptial or postnuptial agreement might provide for the disclaimer of a spouse’s interest in a previously established business, or provide instead for the settlement of the interest for a specific cash sum.
A partnership agreement in a real estate investment company or professional group might require a partner’s spouse to waive marital property interests as a condition of a partner’s membership. Our experienced Rochester Divorce Lawyer will advise you about the meaning and enforceability of these terms under New York law under the facts of your case.
If you have questions about business valuations and division of assets in a divorce, contact our experienced Rochester Divorce Lawyer for a free consultation.