If you are divorcing, you must reach a fair division of property. When you or your spouse owns a business, agreeing on its value and protecting your assets are essential but often challenging.
Our property division attorneys at Dolan Divorce Lawyers have a network of consultants and accountants who can help ensure accurate business valuations following a New Haven divorce. We have a record of past successes with these settlements and can ensure an equitable division.
Connecticut is an all-property state. According to Connecticut General Statutes § 46b-81, both parties have an interest in everything either spouse owns under the marital estate at the divorce date, making all of it potentially subject to division.
The law requires equitable distribution of your shared property and debt. The division may be equal, or it might favor one spouse, depending on multiple factors. The court will encourage you to reach your own settlement through negotiations or mediation, but even when you are successful, the judge will review the agreement to ensure fairness.
If you have an interest in a business, you likely want to keep it whole rather than split it with your ex-partner. In New Haven, you must find other assets to release after the divorce to cover the value of your ex-partner’s share of the business. Our attorneys can help you set financial and personal priorities to focus these discussions.
A business’s true value is far more than its recent profitability. Our team can conduct a sophisticated analysis to ensure that you and your ex-partner both receive a fair share. Commonly, this involves hiring outside consultants and tax specialists to review your case.
They evaluate the business’s performance over time and its positioning for future growth. They consider the value of any real estate and existing contracts, as well as tax liabilities and debts.
They may also assess how directly your or your spouse’s skills or presence impact the business’s success. A business dependent on the owner’s characteristics may not be as valuable because the owner’s death or disability would diminish its viability. Our New Haven attorneys use consultants’ expert opinions to ensure a fair distribution of your business’s actual and anticipated value following the divorce.
Ideally, you and your spouse will agree on the consultants’ credentials and accept their valuation. Once you have mutually agreed, the consultants assess the extent and nature of your and your ex-partner’s contributions and how much should go to each. If you cannot agree, each of you must conduct your own valuation on which to base your negotiations
These negotiations can be contentious and time-consuming. Mediation can help you reach a mutually acceptable settlement. If negotiations fail, you must present the issue to the family court judge to decide.
Our New Haven attorneys can advise you on matters concerning the valuation of business interests following a divorce. We are skilled litigators and believe in thorough preparation. We will build a case with persuasive evidence supporting your desired outcome.
If you or your spouse created or sustained a business during your marriage, you are both entitled to part of its value. Business valuations following a New Haven divorce are rarely straightforward, so you need an attorney with experience in complex property division to help you resolve this with minimal conflict. Contact Dolan Divorce Lawyers today to discuss your
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