If you are a business owner or you a divorcing a business professional or owner of a company there will be many questions about dividing a business related marital asset in a Louisville or Central Kentucky divorce. If the business was purchased during the course of the marriage, or marital assets were used to support the business it will likely be considered to be at least partially marital property.
The financial interests of both parties can be quite substantial and this is why it is important to work with the experienced divorce attorneys at Dodd & Dodd Attorneys.
The first step is to establish the value of the marital interest in the business or professional practice. Both sides will usually employ expert witnesses and it is quite common for the parties to have valuation estimates which are substantially different than one another. These discrepancies can be resolved through negotiation, mediation or litigated before the court.
Once valuation is established and the marital interest in the business (if any) is established the next decision lies with the business owner. If they wish to keep their business asset after the divorce they must “offset” the marital interest of their former spouse with other assets from their own portion of marital property division.
Our attorneys have decades of experience in these cases and we understand the importance of protecting the value and operational integrity of the underlying business throughout the course of the divorce. We also aggressively protect our client’s interests and ensure all steps are taken to accomplish their goals and objectives.
If you are considering or have begun a divorce in Louisville or Central Kentucky and either you or your former spouse owns an interest in a business or professional practice and have questions about dividing a business related marital asset in a divorce we invite you to review the recommendations of our clients and contact us or call (502) 584-1108 to schedule an appointment with one of our proven attorneys.