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 professional practice or business related marital asset in a Jefferson County or Louisville 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.
The first step is to establish the value of the marital property 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 and the marital property interest in the business is established the next series of decisions lie with the business owner. If they wish to keep sole control of 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. This can be accomplished through a greater share in the equity of the family home, investment accounts, retirement vehicles or a debt instrument of some type.
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.
Dividing a professional practice or business related marital asset in a Jefferson County or Louisville divorce is quite legally and financially complex. If you are considering or have begun a divorce in Jefferson County or Louisville and either you or your former spouse owns an interest in a business or professional practice 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.