For couples ending their marriage in Pennsylvania, divorce can be a complicated, fraught and emotional time. This can be accentuated when one or both spouses own a business that is subject to inclusion and division in the divorce. Even beyond its value as a significant financial asset for the marriage, the business can be a central part of one or both partners’ professional and personal identities.
In many cases, the business may be the asset with the highest monetary value in the divorce settlement, even when both partners have lucrative careers and other assets of significant worth. Preparing for divorce negotiations and settlement requires an accurate and verified valuation of the business. A professional, such as an assessor or a forensic accountant can assist in this process. For entrepreneurs, dividing a business in divorce can also have a significant emotional impact as well as a financial one.
An accurate valuation aside from emotional involvement is critical when including a business in an asset division process during a divorce. There are a number of ways that divorcing spouses can decide to handle the division of property involving a company. In some cases, the partners could decide to sell the business and divide the proceeds, but in most cases, a property division settlement that compensates one partner for their business interests can be used to keep the company intact.
Businesses can be a complicated matter during divorce, even amid an overall high-asset divorce with complex financial instruments, investments and other valuable properties at stake. A divorce attorney may be able to help to ensure that the interests of a divorcing entrepreneur are protected while dealing with asset division, child custody and other issues.