Countless people throughout Ventura County own stocks, bonds or their own business. But what happens to those assets when a couple goes through a divorce? If a couple owns a business or significant business interests, whether started during the marriage or before, that business quickly becomes the focal point of any division of assets. If the business was started during the marriage, it is considered community property in the state of California, and the value of the business will be divided equitably. If the business was started before the marriage, the founding spouse will likely be granted the business but may be obligated to give the other spouse interest to cover business growth during the span of the marriage.
Questions on business valuation or division after a divorce in Ventura County? Call 805-379-4550 or contact an experienced Westlake Village business valuation attorney online to schedule an initial consultation to discuss your needs.
At the Law Offices of Stephanie L. Mahdavi, we have spent more than a decade assisting small-business owners and spouses of business owners in accurately valuing and dividing businesses and professional practices. A certified specialist in family law, Westlake Village business valuation attorney Stephanie L. Mahdavi understands the complexities and nuances of doing this correctly and protecting the interests of her clients. Our California firm is always focused on an efficient and cost-effective resolution or settlement, but if the matter is disputed and requires litigation, we are prepared to protect your interests.
Two main elements will be evaluated: the value of the business and the income available for support from that business. Our property division attorneys in Westlake Village work with experts and forensic accountants to discover and characterize all assets associated with the business and provide an accurate value.
From the beginning of the division, both sides are responsible to provide paperwork and full disclosure of assets, turning over all statements and financial records. Both parties’ representation will be conducting discovery to find any undisclosed assets. If you are found to be hiding assets or withholding financial reporting, that asset could be awarded to your spouse as a penalty.
Our Westlake Village business valuation attorneys work diligently to protect your interests and the investments that you have made into the business, whether as the primary owner or the spouse of the owner.
If you own a business or are married to a business owner, you must get a proper business valuation before your divorce can be finalized. This is because, in California, a business will typically be considered to be part of the marital estate when a married couple gets a divorce.
That means it’s critical that you accurately understand your business’ value. The value of said business must be accounted for when property is divided between you and your spouse and child support/alimony are calculated.
If your business valuation is rushed or sloppy, these calculations may be inaccurate. That’s not something you need to worry about when you enlist the services of a qualified Westlake Village business valuation lawyer.
Depending on the circumstances, ensuring a business valuation is handled correctly may require coordinating with outside experts, such as forensic accountants, real estate appraisers, etc.
Hiring these professionals yourself can be a time-consuming task. While your marriage is ending, you should focus on your own needs. You don’t have to add to your burdens by trying to assemble a team of experts to handle your business valuation.
If it’s necessary to consult with other professionals, the team at our Westlake Village business valuation law firm will turn to our network of reliable specialists. This gives you the peace of mind that comes from knowing qualified and experienced experts are assessing the value of your business.
Certain factors may be accounted for during the business valuation process. They include (but aren’t necessarily limited to) the following:
These points should help you better appreciate the fact that business valuation can be a complex matter. This isn’t meant to worry or intimidate you. On the contrary, it’s meant to highlight the importance of hiring genuine experts when you need business valuation services in Westlake Village.
Be aware that it may be necessary for the court to handle a business valuation if you and your spouse can’t come to an agreement on this matter. If so, it’s even more important to hire a skilled Westlake Village business valuation attorney. If your spouse hired their own specialist, we can fight back against their conclusions if they’re at all inaccurate or unfair.
Divorce can often get messy. It is vital to select a divorce attorney that can protect your business interests. Westlake Village business valuation attorney Stephanie L. Mahdavi utilizes an aggressive and comprehensive approach to help place each client in the best position to succeed. To schedule a initial consultation and discuss your property division or division of a business or corporation, please contact our law offices today at 805-379-4550 or by sending us an email.