Protecting Your Business Interests In Your Divorce
Many families either own businesses or have extensively invested in a business that they help to run. While this can be beneficial to a family in good times, it can become a complicated issue when a couple decides to divorce. Since the business may be considered part of the marital assets, it is essential that any business interests in divorce be taken very seriously.
If you are facing divorce and family business issues, turn to us at Kniess Law, LLC, in Woodbury, Minnesota. At our trusted and respected firm, attorney Michelle M. Kniess leads us in providing knowledgeable and client-centered representation in all divorce matters. She is highly skilled at handling business valuation and division issues, providing clients with straightforward advice as to how to approach the issue and what to possibly expect from an outcome.
Comprehensive Business Valuation
Depending on the complexity of the business, its assets and liabilities, we may enlist the assistance of a business valuation expert and any other forensic experts who are needed. A business valuation can include anything from examining the assets, investigating the reputation of the business and conducting a market analysis. In most cases, it is not in anyone’s best interests to sell the entire business.
However, if that is what needs to be done in order to satisfy the property division order, it must be done. We may be able to work out alternative arrangements regarding property division if it is the intention that the business be kept whole and the future earning potential protected.
Evaluating The Business Owner’s Income
Apart from properly valuing the actual business, it is important that we ascertain the income of the spouse who has been involved in the day-to-day business dealings. This income is considered separately in terms of the divorce, for alimony and child support purposes. Since these issues overlap with others in a divorce, it is essential that you have an experienced lawyer on your side who is looking out for your best interests.
Our founding attorney, Ms. Kniess, practiced business litigation before dedicating her services to resolving family law issues. Her combined experience in business and divorce matters gives you the benefit of comprehensive counsel and guidance throughout the entire process of your divorce.