Getting An Accurate Value For Your Business
When a New York divorce includes dividing a business, the process becomes more complex. Parties must consider what an equitable distribution entails, given how much each spouse directly or indirectly contributed to the success of the business. Other issues may include discussions of a buyout if both spouses are owners. While some spouses do maintain a co-ownership after a divorce, this is rare.
At Trotto Law Firm, P.C., principal attorney Jonathan Trotto and his staff understand the importance of accurately valuing a business or professional practice. We will guide you through the process, answer all your questions and ensure that the most accurate valuation is achieved.
Questions To Ask About A Business
Any business owner or professional in private practice, including medical professionals, attorneys and those who provide financial services, needs to ask and answer certain questions when it comes to attaining an accurate and equitable asset division in their divorce. Some of these questions include:
- Is the business marital or separate property?
- Does the business have debts?
- Has the fair market value appreciated or depreciated over time?
- How much is business and commercial goodwill worth?
- Are there intangible assets, such as intellectual property, trade secrets and the like, to consider?
- Should you use an asset-based, income-based or market-based approach to valuation?
- Did the non-owner spouse contribute to the business’s success (either tangibly or intangibly)?
Just as each person and each divorce is unique, so, too, are the considerations for different businesses. The valuation of a small, family-owned restaurant will differ greatly from that of a 50-employee software development company. At Trotto Law Firm, P.C., we have the experience and skill to accurately determine the ownership, success contribution and value of Rochester-area businesses of any size. We can also assist with the updating of your estate plan during a divorce.
Work With A Proven Firm For Business Owner Divorce
What is your business worth, and how much of that business belongs rightfully to you or your spouse? We can help you get the answers you need. Call 585-643-7144 and speak with a member of our staff to find out more. We offer a free initial consultation. You can also connect with the firm via email.