Family Law Separations Involving a Business
Most expert family lawyers can do a decent job of dividing up the “usual” assets when a relationship breaks down.
Most law firms will reasonably accurately determine the percentage split of assets between parties.
But what if one of those assets is a business? What accounting and diagnostic skills does a family lawyer (even potentially a specialist) have when it comes to working out the value of the business? Unfortunately, in many cases the answer is not much.
Over many years, working with accountants, we have developed a deep skill in assessing accurately the value of a business as part of an overall property separation.
As is often the case, the party who works in the business, will allege the business is worth nothing, and the party not obtaining the business in the property settlement will allege that it is of hyper value.
The truth is in the documentation, and there are several tricks and traps to watch for.
We know where they are!
If you are in a relationship separation, and one or other of you is involved in owing a business, then you need our skillset.