Many Utah residents own businesses during their marriages. After spending a significant amount of time growing your business, the last thing you want to do is “give it away” in a divorce. Obtaining an objective and realistic valuation of the business is crucial in ensuring that the business remains intact and profitable for you after a divorce.
Your soon-to-be ex-spouse may be entitled to a portion of the business even if he or she was not actively involved in the business during the marriage. Determining what that non-marital contribution is requires a thorough evaluation of the company’s growth during the time you were married. The longer the marriage and business have co-existed, the greater the potential award may be.
Your spouse will most likely obtain a valuation of the business as well, and the two reports may not agree. If you believe that your partner’s valuation is incorrect and distorted in some way, it will be necessary to establish that fact before the court. This is one of the multitude of reasons why it is important to be represented by counsel in your divorce. Ordinary asset division can be complex, but when there is a business involved, it can be even more complicated.
You have worked hard to build your company. Even though your spouse may be entitled to reap some benefits of your hard work in a divorce, it may be possible to limit how much that benefit will be. A Utah attorney who deals with complex asset division and business valuation on a regular basis will understand what you are going through and will work to obtain the best possible outcome on your behalf.