When Michigan residents get divorced, they may need to determine how assets are divided. This can be especially challenging for women entrepreneurs whether they are sole proprietors or business partners with their soon-to-be ex-spouse. The more a woman entrepreneur knows about the actual value of her business and any potential debt or future growth her business can expect, the better position she will be in to have a favorable outcome during the divorce.
Negotiating is part of getting divorced. When splitting up a business or determining how much to accept as a buyout for a business, asset valuation is key in guaranteeing an equitable buyout after the divorce. Accurately evaluating the financial standing of the business is time-consuming, and it may require the involvement of outside professionals, such as a forensic accountant. However, it can make separating business-related financial assets easier during the divorce.
In addition to evaluating tangible assets, like property the business owns or electronic devices, intangible assets also need to be considered. For example, is the firm's name well-known? Will the business grow over the next few years? Diligence is essential in answering these questions. An unscrupulous spouse may try to hide the true value of the business to avoid paying their fair share.
Oakland County, Michigan, divorce attorneys may advise their clients on what to do with shared businesses, shared accounts or shared property. They may be able to assist their clients who own a small business, either as a sole proprietor or as a partner with their spouse, on the best way to determine the value of their business as well as on steps they can take to protect their financial interests during the divorce. In addition to financial issues, divorce attorneys might provide practical assistance in other areas associated with the divorce, including drawing up needed documents.