Why do you need an attorney when there is a business in a Louisville divorce? Do you or your soon-to-be former spouse own a small company or have business interests or a professional practice? Did you know that the valuation and division of the marital property interest in a business asset is one of the most contentious, financially and legally complex matters in the process of a divorce?
One of the reasons you need an attorney when there is a business in a Louisville divorce is your legal and financial interests are almost always directly opposed to that of your former spouse. The business owner (and their legal counsel) work to keep the valuation of the business as low as possible as this reduces the amount of marital property they will have to offset in order to keep their business after the divorce is completed. The spouse of the business owner wants the business to be valued as high as legally possible. The higher the value of the asset the more the business owner must give to the non-owning spouse.
The process of marital property division involving a business in Louisville involves three primary steps: Determining the status of the business asset as either marital property, the separate property of the business owner or a blended or commingled asset, establishing the valuation of the marital property interest in the business, and reaching an appropriate settlement on the matter. If the parties are unable to agree upon valuation or offset of the marital interest in the business, as is usually the case when there is a business in a Louisville divorce, the matter is presented to the Court for resolution.
Are you concerned about the disposition of a business asset in a Louisville divorce? You need the proven advice and counsel of the experienced Divorce and family law attorneys at Dodd & Dodd. We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys.