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Divorcing couples should know how to approach business assets

One of the biggest challenges for a divorcing couple can be the division of business assets. Complex and costly issues can arise for couples with businesses when they begin the process of dividing business assets during a divorce. During the divorce process, it is important that financial concerns are adequately protected so it is helpful for couples to be familiar with the challenges they may face concerning the division of business assets.

It is necessary to be prepared to properly characterize the business interest. Depending on when the business began, and the couple's involvement in the business, among other potential considerations depending on the circumstances, a business may be characterized as community property or may be characterized as separate property which greatly impacts how it will be divided.

In addition, there are a number of important considerations when valuing the business that it is helpful to be prepared for and familiar with. The valuation of the business may include taking into account the income of the business; the customer good will of the business; the assets owned by the business; and the liabilities of the business, as well as other possible considerations. It can sometimes be helpful to work with financial experts when handling division of business assets during a divorce.

Because the division of property can be challenging during any divorce, and especially so when business assets are being divided, it is helpful for divorcing couples to have tools to resolve their disputes. The family law process provides resources, including alternative dispute resolution and traditional methods that are part of the family law system, for couples to reach outcomes that will allow them to move forward financially following a divorce.

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John T. Chamberlin, Attorney at Law
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