Divorcing a spouse can be a difficult process, but divorcing a business partner can be just as complicated. When it comes to dividing business assets, there are several questions that need to be considered before coming to a fair agreement. Ilvento Law, based in Orlando, FL, specializes in all areas of family law, including business asset division. In this blog post, we will be discussing important questions to consider when dividing business assets.
Before any assets can be divided, the business must be valued. This valuation will determine the worth of the business and will enable both parties to negotiate a fair settlement. Valuing a business can be a complex process, requiring the help of a professional appraiser or accountant.
It is important to determine each party's ownership interest in the business. This includes assets such as equipment, real property, and intellectual property. Ownership percentages may also need to be re-evaluated based on contributions to the business.
In some instances, it may be necessary to dissolve the business entirely. However, if both parties agree to continue running the business, it is crucial to determine who will remain as the owner or owners. This may involve buying one party out of their share of the business.
Along with assets, any debts or liabilities incurred by the business must also be divided. This can include loans, credit card debts, and legal judgments. An accurate accounting of all outstanding debts must be made before coming to an agreement.
Dividing business assets can have significant tax implications. It is important to understand these implications before reaching a settlement. Working with a tax professional can help minimize the tax consequences of dividing business assets.
Dividing business assets can be a complicated process, but with careful consideration and the help of legal and financial professionals, a fair agreement can be reached. At Ilvento Law, we understand the complexities of business asset division and offer our clients unparalleled legal representation and guidance. If you are in need of assistance with dividing business assets in Orlando, FL, contact Ilvento Law today.