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Reasons to get a business valuation during divorce

If you own a business with your spouse and are getting divorced, you probably need a business valuation. Unless you and your spouse are totally amicable and willing to continue co-owning the business, your other options require determining its value. Here are two main reasons you might need a business valuation during your divorce. 

You want to sell the business

Sometimes the best option for dealing with the family business is selling it. This allows you and your ex to split the profit. While you might have an estimation of the value of your company, you do not want to undervalue it and get less than you deserve. On the other hand, you do not want to attempt to sell it for an overvalued price, which can result in a lengthy process or an inability to sell. A business appraiser can give you an accurate value so you know what to expect. 

You want to buy out your spouse

If you buy out the half of the business owned by your spouse, you should hire an appraiser to determine the value of your business so you do not end up paying more than you should. You and your spouse should be wary of hiring two separate appraisers because this can be extremely costly. If you hire one professional you can agree on, you can both split the costs. Once your business has been valued, you can buy out the business or provide assets in exchange.  The financial effects of getting divorced and dividing your business can be distressing, especially when important assets are hanging in the balance.

No matter which option you choose, be sure to get help from the right professionals to guide you through the process. You should consult a family law attorney who can enlist the help of a financial expert and help you determine the future of your family business.

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Attorney Christine K. Lincoln

Christine K. Lincoln offers sound counsel and legal services to protect clients and their families facing divorce and other family disputes.

She will take the time to understand your individual needs and develop a comprehensive solution to protect your rights and interests.

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