In a Minnesota divorce, a family-owned or small business may be considered when the court divides assets between you and your spouse. Before this can happen, a valuation of the business must occur. Having this task completed by an attorney with experience and skill is essential. At Sheridan & Dulas, P.A., our lawyers have the knowledge to reach an accurate assessment of the value of your business and can competently argue your position regarding the business to the court.
Making A Strategic Decision
There are situations in which it makes sense to consider a small or family-owned business as an asset in a divorce proceeding. Sometimes, this is not the best strategic decision. We will take a whole view of your divorce and help you determine the best course of action based upon a complete financial picture. Part of that determination typically involves assessing the value of the business, and we are interested in ensuring that is done by a qualified business appraiser. The value of a business can be determined by more than one method. Because our attorneys understand the different methods of valuation, they can compare value estimates based on the different methods to determine what is most appropriate. They will then argue to the court or opposing party for what is in your best interest.
Contact us today to schedule a free and confidential consultation.
When Business Owner Get A Divorce In The Twin Cities
Spouses handle family-owned and small businesses in very different ways. Sometimes, both spouses are actively involved in running the business. Sometimes, only one spouse handles the business, and sometimes neither spouse is actively involved. Because of these differences, when we are working on reaching a fair property division for you, we make sure that the day-to-day business decisions are scrutinized. Just a few of the issues we will consider are:
- Whether the business is profitable, and if it is not, why that might be
- Whether marital resources are or have ever been used to maintain the business
- Whether business decisions have been ethical
- Whether taxes have been paid and accurate tax documents maintained
- Whether there are any assets hidden within the business
Let A Professional Handle It
At Sheridan & Dulas, P.A., we have experience helping clients in all different factual situation through the divorce process. Contact our office today at 651-686-8800 to set up a free, no-obligation consultation. Our lawyers practice across the Twin Cities, including Dakota, Washington, Hennepin, Scott, Carver, Ramsey, Goodhue and Anoka counties, and in greater Minnesota.