Divorce can be a difficult and messy experience, and even more complicated if you are in business with your soon-to-be-ex-spouse or if you and your spouse have a community interest in a business. Sometimes there is a community interest in a separate property business in existence at the date of marriage. Coming to an amicable agreement can be extremely difficult, but it can save your business a great deal of money. It can also save both you and your employees a great deal of stress. The cost of litigation and time lost can be very high. It is important to put personal differences aside in order to preserve the asset. Hiring a Reno business divorce lawyer is highly important when it comes to splitting assets. Attorney Gloria Petroni is experienced in providing solutions to help you and your spouse resolve your divorce issues without going to trial. Businesses are treated as an asset in a divorce. There are many ways to divide the asset depending on whether the business is community or separate property or both. If the business was inherited or owned before marriage, it is likely to be a mixture of community and separate property. If the business is community property, one solution is to sell the business and divide the proceeds. This solution avoids the necessity of ascertaining the value of the business. However, businesses are rarely sold in a divorce because selling a business is difficult and leaves one or both spouses without work.
Under Nevada law, the court begins with the premise that equitable distribution of the assets and debts of the marriage should be equal, unless there is a justification for unequal distribution. A justification for unequal distribution may include the desirability of retaining any asset, including an interest in a business, corporation, or professional practice, intact and free from any claim or interference by the other party. This does not mean that the spouse will not be compensated for his or her share of the business. Having an attorney who understands business valuation in a divorce is important. Establishing a business value in a divorce is complex and requires the assistance of a skilled divorce attorney with experience in this area of equitable property distribution. Contact Reno business divorce lawyer, Gloria Petroni today.
It is very likely the value of the business will need to be determined, but there are many ways to go about this. Some methods are much more expensive than others such as the use of two separate valuation experts, which could be unnecessary. An experienced attorney who understands how to evaluate a business can guide both sides to resolution without trial. By handling a number of cases involving business valuations in family law cases as well as corporate litigation, Gloria Petroni has become acquainted with experts in the area who provide excellent appraisals. Gloria Petroni has become proficient in understanding business valuation, discounts, and goodwill. This type of experience will be crucial in your case in determining the proper value of the family business, so that it can be split equitably or so that one party may retain it with the other spouse then being awarded other assets to achieve a fair result.
Attorney Gloria Petroni will represent you and will undertake a comprehensive case preparation effort. It is important for us to determine the true value of the business expressed as an ongoing enterprise and fully prepare to defend this valuation in court if that becomes necessary.
Areas which will be reviewed in determining the value of the business will include:
- The value of any hidden business assets and debts such as tax obligations, tax loss carry forwards and undervalued assets
- The tax effects of capital gains and losses
- Areas such as the contributions of a spouse to the value of the business
- Other assets and obligations
If your financial interests are at stake in a divorce involving a business, it is critical that you retain an experienced divorce lawyer who can ensure the protection of your rights. Contact Reno business divorce lawyer at Gloria Petroni Law Group today at 775-420-4221.