Greensburg Closely Held & Family Business Lawyer
If your divorce includes a closely held or family business, you’re likely to find out there might be complicated issues that develop. Depending on the circumstances, you may be very concerned with keeping the company afloat and ensuring it survives the divorce. The alternative is that you liquidate the business and divide up assets and contacts with your soon-to-be-ex. Either situation has its pros and cons. Before making a decision, you need careful consideration and a business valuation.
At Bunde & Roberts, P.C., our Greensburg closely held & family business lawyers have over 100 years of combined experience handling complicated family law matters in Pennsylvania. We understand that divorce matters involving closely-held or family businesses can be challenging to resolve. We can advise you of your legal options and thoroughly explain the business valuation process, so you know what to expect.
Protecting Your Pennsylvania Business Interests in Your Divorce
A proper business valuation in a divorce is one that utilizes an independent and neutral third party to determine the fair market value. The chosen expert must follow all accepted practices for valuing a business that is part of a divorce matter. There are numerous questions and legal issues that must be addressed. Some items that require answers include:
- Did one spouse receive their ownership through an inheritance?
- Did one spouse own the business before marriage, or did you and your spouse establish it together?
- Was one of you holding a more active role in the company?
- Are there any contracts that could impact the valuation, such as a prenuptial agreement?
- Are there other business partners who also have ownership interests?
- Are each partner’s contributions to the business well-documented?
- What level of involvement in the business did each spouse have before they were married, during the marriage, and since separating or filing for divorce?
The first step in this process is to determine whether the business in question qualifies as marital property. If it’s not a marital asset, you only need to be concerned with the amount it increased during the marriage, as that will be subject to equitable distribution.
Options for Dividing Your Greensburg Business
If you and your spouse both own the business, you must decide on your business’s optimal outcome. Can one of you buy the other’s ownership portion? Or, should you sell the company to a third-party and divide the proceeds you receive? In some cases, spouses may be cordial enough to continue to remain business partners and run the company once they are divorced.
Our Greensburg closely held and family business lawyers can help you evaluate what option is best for your situation. It’s helpful if both spouses are clear on what their priorities and preferences are regarding the eventual fate of the business.
Seek Experienced Representation and Legal Advice from Our Greensburg Family Law Attorneys
When you hire Bunde & Roberts, P.C., you’re getting the benefit of legal experts with decades of legal experience. We have an extensive network of independent experts who can value your business for your pending divorce. To learn more about how we can assist you, contact Bunde & Roberts, P.C., today at 412-391-4330 to schedule an initial consultation.