All assets of a business or professional practice must be considered during a divorce valuation in Louisville. This is especially true when establishing the value of a small business.
According to a recent analysis by the US Treasury Department, the vast majority of American businesses are small companies, often without any employees or owners other than the spouses themselves.
There are many ways to establish the valuation of a small business in a divorce. However, simply applying a “rule of thumb” or following a method such as multiplying the annual income of a business or practice by a “factor” may miss critical assets which ultimately increase the valuation.
Kentucky’s Courts have taken recent action to correct many costly mistakes in business and professional practice valuation. As a result, all assets of a business or professional practice must be considered during a divorce valuation in Louisville and across Kentucky. This is why it is important to work with an experienced Louisville family law attorney at Dodd & Dodd who has extensive experience and expertise in divorce cases which involve a business or professional practice.
We have decades of experience in Louisville divorce cases which involve a business or professional practice. A genuine valuation should not only consider past income, but should thoroughly analyze fixed assets, receivables, cash on hand, inventory, real property as well as the intangibles the owners bring to the business known as Goodwill.
Is the entire value of the business or professional practice considered to be marital property or only a percentage of it? How will these crucial figures be established? Dodd & Dodd’s experienced divorce attorneys have extensive experience in these negotiations, mediation and ultimately litigation and work to aggressively protect the interests of our clients in these matters.
Every case is unique and the goals and objectives of each client determine the strategy our proven legal team will employ to protect your interests while seeking the best possible outcome in your case. We invite you to review the recommendations of the legal industry and our former clients and contact Dodd & Dodd or call 502-584-1108 to schedule an appointment with one of our skilled attorneys.
All assets of a business or professional practice must be considered during a divorce valuation in Louisville. If your divorce includes a business or professional practice you will need the experienced, proven and skilled experienced Louisville family law attorneys at Dodd and Dodd to protect your interests and provide sound counsel throughout your divorce.
