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Business owners can prepare for property division in a divorce

Two of the most significant events in a person’s life may include having a family and starting a business. Unfortunately, there are no guarantees in life, and while a divorce may not be avoidable, there are steps one can take to protect some assets during the property division — including preserving a growing business. Florida residents who are currently going through a dissolution may benefit from the input of financial professionals.

When one has worked so hard to grow a successful enterprise, the news of an impending divorce may cause anxiety as to whether a business will survive. One of the first steps toward that goal is acquiring an accurate valuation of the asset. A thorough evaluation of both the company’s assets and liabilities will make it easier to determine how much it may cost to buy out a spouse or to accept if one elects to walk away. 

Having the most accurate valuation of a company will pay dividends if a spouse is attempting to get a portion of the value during the divorce settlement or has attempted to conceal financial information concerning contracts or debts. An experienced financial expert can provide a thorough review of all aspects pertaining to the business in order to obtain a clear understanding of the company’s potential worth going forward. These professionals can also assess the company’s potential growth based on recognition and marketing strategies.

Building a successful company takes years of effort that could be wasted if one is not fully prepared. Each state has its own laws concerning property division during a divorce — though there are agreements that spouses may enter into that preserve the company while allowing the other party to obtain a suitable settlement. Florida residents who own considerable assets — including a business — may benefit most from seeking the assistance of an experienced attorney who can help ensure that one is financially stable after the final decree.

Source: Forbes, “How Divorcing Women Entrepreneurs Can Get What They Deserve“, Kerry Hannon, Accessed on May 21, 2018