Fairfield Business Valuation Lawyer

Fairfield Business Valuation Attorney

Divorce is a highly complex process, especially when complex assets such as businesses are involved. In cases like these, asset division can be much more difficult. Each Fairfield business valuation lawyer from Reich & Truax, PLLC, understands the complex processes related to evaluating your business. They can advocate for your financial interests and the future of your business during divorce.

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Business Valuation and Its Importance in a Connecticut Divorce

The process of financially valuing a business or company’s ownership interest is known as a business valuation. A business valuation is crucial in divorce cases where one or both spouses are business owners or own a share of a business. To ensure the division of assets during a divorce is equitable and fair, it is critical to fully understand the value of a business, including its assets, revenues, liabilities, and future growth potential.

A Fairfield business valuation lawyer from our firm has a positive track record helping clients accurately evaluate their businesses to protect hard-earned assets. A lawyer can help with:

• Fair property division. Knowing what a business is actually worth is critical, whether you are fighting to keep full control over the business or need to split it with your spouse.
• Consideration of complex assets. Businesses can be highly complex, involving various partnership agreements, shareholders, and other important considerations that impact value. An experienced attorney can consider all these factors to ensure accurate valuation.
• Protection of business interests. Adequately evaluating a business protects both the short-term and long-term interests of the entity.

If you are concerned about your future financial situation or the legacy of your business, a skilled and compassionate lawyer from our firm can help you accurately value your business.

How a Fairfield Business Valuation Lawyer Can Protect Your Financial Interests During Divorce

During your divorce, it is critical to work with legal counsel experienced in business valuation. A business valuation lawyer in Fairfield from Reich & Truax, PLLC, can provide you with the comprehensive support you need to navigate your divorce and protect your business. We can help you with:

• Handling business ownership disputes. If the business was created prior to the marriage or involves multiple shareholders, disputes can arise regarding whether it should be considered marital property.
• Valuing professional practices. Evaluating professional practices, such as medical practices, accounting firms, and law firms, can be particularly difficult. This is because there can be unique factors to consider, such as client lists, reputation, and goodwill. A fair evaluation is crucial in these cases.
• Uncovering assets. If you suspect your spouse is attempting to hide business assets or cover up income to avoid property distribution, it’s important to work with a skilled lawyer and other professionals like forensic accountants to ensure accurate business valuation.
• Distributing business assets. After valuing the business, determining how it should be divided among spouses can be even more challenging. Depending on the case, assets may be exchanged to balance property division, or one spouse can purchase the other spouse’s business ownership.

A skilled attorney from Reich & Truax, PLLC, can help you navigate the challenges of business valuation during divorce. We can ensure accurate business valuations and fight to protect your interests. If any disputes arise regarding the valuation of the business, ownership, or division of these assets, we can advocate on your behalf to come to a fair and efficient resolution.

FAQs About Fairfield, CT Business Valuation Laws

How Is a Business Valued During a Divorce in Connecticut?

During a divorce in Connecticut, business valuations are usually carried out by a valuation lawyer or forensic accountant. They may use various methods, including analyzing the current and projected earnings of the business, comparing the business to similar businesses that have recently been sold, and taking inventory of all assets of the business. An experienced business valuation lawyer can help walk you through this process.

Is a Business Considered Marital Property in a Connecticut Divorce?

Whether a business is considered marital property in a Connecticut divorce is dependent upon how and when it was developed or bought. If the business was founded during the divorce and grew significantly throughout the marriage, it may be considered marital property. Businesses owned before a marriage may be considered separate property, but significant business earnings during the marriage can be subject to Connecticut’s equitable distribution laws.

Can a Business Be Sold During a Connecticut Divorce?

Yes, the courts may decide it is more equitable to sell a business during a divorce. Courts may order the business to be sold with earnings from the sale subject to equitable division. In some cases, this can be an easier way to divide the business’s value between the spouses. However, selling a business may not be a viable option and, therefore, will only be ordered in certain circumstances.

How Can I Protect My Business During a Connecticut Divorce?

To protect your business during a Connecticut divorce, you have several legal options available. These can include:

• Making a prenuptial or postnuptial agreement that outlines the terms for how the business should be handled in the event of divorce.
• Create business agreements that clearly outline ownership rights in case of divorce.
• Hire a business valuation lawyer to determine how much your business is worth and how much is separate versus community property.

Protect Your Business Interests During Your Divorce With a Skilled Attorney

If one or more businesses are involved in your divorce process, it is critical to work with a skilled attorney who has a strong track record handling similar cases involving business valuation. A Fairfield business valuation lawyer from Reich & Truax, PLLC, can ensure your business is valued in a thorough manner and that assets are fairly divided.