Business Valuation: An Essential Component of Your Divorce?
When potential or new clients ask our attorneys about the process of business valuation in anticipation of divorce, we begin by addressing key questions such as the following:
- Who are the financial advisers who have the most in-depth knowledge of finances of your professional practice (dental clinic, chiropractor's office, landscaping business, auto mechanic garage or accounting firm)?
- Would you be better off using your existing financial advisers' analysis and advice with regard to consequences, or would you benefit from hiring an objective, outside financial expert with experience preparing estates for asset distribution in divorce?
- How will intangible assets such as intellectual property, good will of clientele or the value of a professional license be taken into account in connection with valuation of your professional practice or business?
- How will business valuation take into account the value of the location of your business?
- Did you sign a prenuptial agreement to comply with stipulations in a business partnership agreement? If so, does this fact impact the enforceability of the prenup?
When it comes to business valuation, we ask our clients to understand an important truth: We will not always tell our clients what they want to hear. Rather, we will tell them what we believe they need to know. If we advise a client to hire a forensic accountant, it is because we believe this expense is in the client's long-term best interests.
Discuss your concerns about the value of your business or your spouse's business in connection with property division in your coming divorce. Contact a well-respected New York family law attorney at the offices of McCormack & Phillips, Attorneys at Law, in Rockland County. Other lawyers often refer potential clients to our Nyack law firm, confident in our ability to handle challenging issues such as business valuation and high-net-worth divorce.