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Every couple who goes through a divorce can have a difficult time coming to a fair conclusion when it comes to the division of assets. Despite the fact that California is a community property state, which means that statutes go a long way towards defining the norms that govern this process, certain situations are more difficult than others when it comes to completing this phase of the dissolution of a marriage.
Specifically, this tends to occur when one or even both of the parties to a divorce own a business. The reason should be relatively clear – business owners are not simply paid a wage most of the time that can be plugged into an equation. Even if a business owner pays him or herself a quantifiable annual salary, there are still values that need to be attached to every aspect of the business. Many of these values can be intangible in nature and difficult to quantify, and the ambiguity that exists can lead to problems between the parties when it comes to deciding on the division of the property.
The Law Offices of Scott Family Law approaches this difficult and complicated situation in as clear and defined a manner as possible. Basically, before the assets of a marital estate can be properly divided, the business needs to be valued much as it would be prior to a sale or other type of transfer of ownership.
The process of business valuation is a very detailed, very meticulous and sometimes very lengthy process, as every sort of asset must be included in a business valuation including cash on hand, revenue, intangible benefits, vested and non-vested rights and other items that would not even be recognizable for those who have never owned a business or worked as a corporate accountant.
The Law Offices of Scott Family Law works with the experts necessary to make sure that a business is properly valued so that a fair and equitable division of all the marital property can take place. Skilled accountants perform this sort of work regularly, and that’s what will be needed many times in order for a final numerical figure to be reached.
If you are considering a divorce and either you or your spouse own a business, you need to make sure that you’re as thorough as possible during the property division process in order to be as equitable as possible and to avoid potentially lengthy and costly litigation. Contact a San Diego division of assets lawyer from Scott today for a free consultation at (858) 974-4900.