On its own, divorce can be a rough and complicated thing for someone to deal with. When there are significant joint assets shared by both spouses, the divorce can become even more intricate. Many married couples open businesses together and become equal-stake business partners. When they decide to proceed with the dissolution of marriage, a business valuation is normally required to determine the value of marital assets. The divorce attorneys at Fuller & Fuller can coach you on what to expect from the divorce process, thus helping spouses to come to mutual agreements and reduce time, cost, and stress involved for all parties in the divorce.
Determining the Value of Assets
As our attorneys are aware, many divorcing spouses will argue over the valuation of the business they share. If this occurs, a business appraiser’s professional opinion may be required to determine the value of assets. Assets which may be considered as part of the business include tangible and intangible assets such as:
- Accounts Receivable
Business Appraisers that provide an opinion on the value of assets will first need to define a standard of value before offering the appraisal. The standard of value contains the conditions in which the business will be valued. Divorce cases typically use fair value and fair market value as the standard of value for business evaluation. Fair market value is the price at which the asset would be exchanged between a willing buyer and a willing seller under normal conditions in the open market. With fair value, the value of the assets is determined by the court that has jurisdiction over the case. Determining the value of assets helps the courts in coming to a conclusion and rendering equitable distribution of wealth for both parties.
Trust an Attorney Who Understands Business and Divorce
When stakes are high and you’re facing a divorce that involves large commercial assets, simply hiring a divorce attorney is not enough. A divorce containing a joint business involves not only the area of family law, but also the area of commercial and business law. An attorney who only handles family law matters may not have the experience to fully represent your interests, and this may negatively affect the outcome of your case.
Contact an Ocala Divorce Attorney Today
The law firm of Fuller & Fuller is specialized in handling high asset divorce cases, many of which include joint business ownership between spouses. We have worked with a variety of clients with multi-million dollar assets. When business assets require trust, financial experience is a must. Our divorce attorneys are experienced in commercial and financial law and can help you with your dissolution of marriage. Contact our firm today by calling (352) 547-4292. Our law firm serves Marion, Citrus, Lake, and Sumter Counties and The Villages.