Divorce Involving a Business
Are you facing a divorce involving a business, and concerned about how your business interests will be handled in a divorce action? A business is generally considered to be a marital asset in Pennsylvania, regardless of your spouse’s involvement – or yours. This means that a business, like other marital assets, is subject to equitable distribution. But unlike other assets, determining the value of a business can be quite complicated and time-consuming.
Valuing a business, partnership or professional practice involves a careful examination of its goodwill as well as tangible assets and liabilities. At Saltzgiver & Boyle, we work closely with business valuation experts, forensic accountants, appraisers and other professionals to determine a business’s value. This typically includes a comprehensive review of the business site, business records (including general ledgers, payroll registers, receivables, client lists), equipment, inventory, partnership interests, and the goodwill associated with the business.
Pennsylvania courts consider several factors when determining how to equitably divide a business’s value. These normally include…
• Whether the business existed prior to the marriage
• Each partner’s percentage of ownership
• The involvement of each spouse in the business
• Whether the interest was gifted to either spouse
• Whether family funds were funneled into the business
• How much value each spouse delivers to the business
• Existing buy-out agreements
• How other non-business assets and liabilities are divided
• And how much each spouse can earn outside of the business
When A Business Is Involved, Experience Matters
Not all divorce lawyers have the knowledge and experience necessary to protect your interests when a business, partnership or professional practice is involved. At Saltzgiver & Boyle, we have a long history of delivering favorable outcomes to business owners and individuals in high-asset and high-income divorce cases. You can count on our attorneys to be extremely thorough and highly strategic in these matters.
We understand that the outcome of your divorce and its effect on your business interests will have an impact for many years to come. We also realize that peace of mind can feel elusive when the stakes seem so high. That’s why we keep our clients involved and up-to-date throughout the process. When you work with one of our attorneys, you can rely on our diligence, responsiveness and capable handling of your legal affairs. Call us today to schedule a confidential consultation…