Westport Business Valuation Lawyer

Westport, CT Business Valuation Attorney

The valuation of a business is an important process required in many high-asset divorce cases. When a business is part of a marriage, it makes for a difficult part of a divorce. When you or your spouse owns a business or are partners in one, property division can get complicated. For this reason, a Westport business valuation lawyer is an ideal candidate to make divorce a bit less stressful.

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What Is a Business Valuation?

A business valuation is a careful examination and process of identifying the actual worth of a company. Standardized practices are applied to the company’s assets, liabilities, expenses, performance, etc. A major factor in business valuation is also the current market value of the company. These findings are used to calculate the worth of a business as well as its future potential.

Businesses in Westport

Business valuation is often a crucial component in divorce cases, especially in Westport, where the median head of household income is over double that of the state. This is likely due in part to Westport’s inclusion in the Fairfield 5. The Fairfield 5 is a five-city initiative with a main goal of generating and promoting economic growth in Fairfield County.

Small and large businesses flourish in Westport, especially along Post Road, East and West. To encourage business development in the city, Westport’s Economic Opportunity Division connects people and organizations looking to open a business in Westport. It doesn’t hurt that the Connecticut business tax rate is the lowest in the nation at 3.5%.

Because of this, most divorce cases are also business valuation cases. Having a family law attorney who is also well-versed in the business valuation laws of Connecticut can ensure equitable division of marital property.

When to Hire a Business Valuation Lawyer

With there being so many business ventures in Westport, many divorces involve one or more companies and their assets. To ensure an equitable division of property and assets in a divorce, it is essential to know the dollar value of a business.

It is also important to understand where the company stands in terms of revenue, liability, debt, and future growth potential. Also, with Westport’s economic status, any business based here would be influenced by Westport’s auspicious market value. Don’t just take your spouse’s word for it. A current business valuation is the only true way to ensure fairness in the division of assets for divorce.

If any of these matters are important to you, it is crucial that you hire a business valuation lawyer.

How Can a Westport Business Evaluation Attorney Help You?

When disputes arise regarding the division of assets, as they so often do, an objective third party can be advantageous to both parties in a divorce. If a business was created before marriage or multiple shareholders are involved, there is often concern about whether the business is considered marital property. A Westport business valuation attorney can determine exactly whether a business is marital property. If only a portion of it is, they can determine how much.

Another way an attorney can positively contribute to property division is by uncovering assets. If you suspect your spouse of hiding assets, a good business valuation lawyer can find these hidden assets. A legal professional can also determine how to divide assets to balance the division of property without having to sell assets. In some cases, certain marital property can be given to one party to offset other assets that can’t be split without selling, like a business.

Why Choose Us?

Reich & Truax, PLLC, is an established and well-respected law firm in Westport. We hold our practice to a high standard in every case we take. We are skilled in evaluating all types of businesses, including professional enterprises, like medical practices, law firms, and accounting firms. Valuing intangible assets such as client base, goodwill, and reputation can be difficult, but our legal team is experienced in these areas.

FAQs About Westport, CT Business Valuation Laws

Connect With an Experienced Westport Business Valuation Lawyer

If you need a business valuation for any reason, Reich & Truax, PLLC, can do so. We value client-attorney confidence, so we can fully evaluate your assets to learn what you need to finalize your divorce. Contact our law office to speak with a member of our highly qualified legal team.