Many business owners in Virginia see financial success as they run their enterprises. This success can occur during marriage, meaning that both spouses benefit from it. However, not every marriage is meant to last and some couples will end up seeking a divorce. This means that, as part of the property division process, the business must also be divided. Before that can happen, however, there may need to be business valuation proceedings.
Business valuation proceedings will address issues that are important to the fair and appropriate division of a business. These proceedings will determine how each party shares ownership in the business, or how much stock and other investments they have in the business. Business valuation proceedings will also identify business real estate, what company benefits the spouses enjoy and what retirement plans the couple has through the business. All these things contribute to the value of the business. Once the value of the business is ascertained, it can be divided equitably.
That being said, business valuation can be complicated. Oftentimes experts must be consulted to ensure the valuation is accurate and fair. When it comes to property division in a divorce, understanding the full extent of the value of your business is essential.
For these reasons, many spouses benefit from working with an attorney as they go through the divorce process. Attorneys understand how property division works in Virginia, and they can explain what their clients’ rights are. No two cases are alike, so it is important that you obtain the guidance you need to make informed decisions. The law firm of Sevila Saunders Huddleston White has a business valuation section on their website that may be of use to those who need more information on this topic.