If you are facing divorce where a business is involved, valuing and dividing business interests, protecting assets, preserving wealth, and avoiding potential tax consequences can make divorce for business owners extremely complex. With expertise in family law and business law, as well as a tax advisor and investigative division in-house, divorce attorney David W. Potts and The Cronin Law Firm have the unique advantage of having both the experience and resources necessary when a divorce includes a business or professional practice.
Owning a Business Creates Unique Divorce Concerns
When one or both parties own a business or professional practice, divorce becomes even more complex. If you are the business owner, you fear you’ll lose everything you’ve built. If your spouse owns a business, you worry that the true value may be hidden from you. And if you own a business as a couple, you must decide whether the end of your marriage will also result in the end of your business partnership. Putting an accurate value on your business is critical to reaching a fair division of assets during a high-income divorce.
Not only must business owners worry about the financial implications of a divorce, but the impact lengthy or contentious proceedings may have on the success of that business interests. A public divorce can negatively affect the reputation of a business, while time spent handling the details of the divorce may distract the business owner from handling day-to-day operations effectively. These situations may result in a lower valuation of the business, or in the most extreme cases, the business may not survive the divorce. In either scenario, everyone loses.
Whatever your situation, divorce attorney David W. Potts has the experience in both negotiation and, if necessary, litigation to protect you and your business. More importantly, David understands the effect divorce can have on children and considers them the highest priority. The goal of David, and The Cronin Law Firm, is for an amicable divorce, where both parents work towards a fair settlement that protects their children from unnecessary strife.
Obtaining an Accurate Business Valuation
An accurate business valuation, that is, what your business is actually worth, is critical to obtaining a fair division of property during a divorce. Whether you own the business, the business is owned by your spouse, or you own the business together, it is imperative that both the tangible assets (real estate, equipment, financial assets, etc.) and intangible assets (patents and trademarks, copyrights, trade secrets, etc.) of the business are evaluated by experts.
It’s not uncommon for one party to try to undervalue or overvalue a business in order to swing a divorce settlement in their favor. That’s why we’ve assembled a team of business experts, including certified public accountants, business attorneys, and financial advisors who specialize in business valuation. In addition, The Cronin Law Firm has the unique advantage of having an in-house investigative division should the issue of unlawfully hidden or liquidated assets arise.
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From small businesses to professional practices and large corporations, David W. Potts has decades of experience helping business owners work through the unique and complex issues that arise during a divorce. His experience and integrity are unmatched. Count on him to protect your interests, and those of your family, with discretion and respect. Contact us today for a free consultation.