Skilled Divorce Representation For Georgia Business Owners
When you own a business and are facing divorce, the situation involves complex considerations. Deciding the fate of a family-run business can be challenging. Additionally, if one spouse owns or has an ownership interest in a business, it significantly impacts property division. Determining how to handle business interests requires careful thought and planning, as the outcome will affect both your personal and professional future.
At The Law Firm of Christopher T. Adams, P.C., we understand these complexities. Established in 1992, our firm offers personalized guidance for business owners throughout the Lawrenceville area facing divorce. Our attorney has over 30 years of experience in family law. A seventh-generation Georgian, he knows the Lawrenceville community and its courts and judges well. This translates into more effective strategies for accomplishing clients’ goals and making their vision for their post-divorce life a reality.
We believe in educating our clients so they can make informed decisions about their futures. Our goal is to provide clear, practical guidance throughout the divorce process.
Options For Handling Businesses In Divorce
When it comes to divorce for a business owner, you have several options. Each choice has its pros and cons, and it’s crucial to consider what works best for your unique situation. Our lawyer can help you explore these possibilities and choose the path that aligns with your goals.
Here are some common options for handling a business in divorce:
- Buyout: One spouse may buy out the other’s interest in the business. This option allows the buying spouse to maintain full control. An accurate valuation of the business is required to determine a fair buyout price.
- Sell the business: Both spouses may decide to sell the business and split the proceeds. This option can provide a clean break but might not be ideal if the business holds sentimental value or is thriving.
- Co-ownership: Some couples choose to continue co-owning the business after divorce. This requires a strong working relationship and clear agreements on roles and responsibilities.
- Transfer to a third party: Transferring the business to a trusted third party, such as a family member or business partner, can also be an option. This helps maintain the business’s continuity while resolving ownership issues.
Each of these options requires understanding whether the business is considered marital or separate property. If the business was started or significantly grown during the marriage, it might be viewed as marital property and subject to equitable distribution. Our attorney can help clarify these distinctions and ensure that your interests are protected. We also consider factors like business valuation, potential tax implications and future growth when advising on strategic approaches.
Securing A Fair Business Valuation
Valuing a business accurately is a crucial step in the divorce process for business owners. Our lawyer works closely with trusted financial experts to secure precise valuations. This collaboration helps us paint a clear picture of your business’s worth.
There are several methods to value a business, including an asset-based approach, income approach and market approach. Each method has its advantages and is suited for different types of businesses and dispositions. A fair and accurate valuation is key to protecting your financial interests during this pivotal time. Our lawyer will make sure that the valuation is well-supported, strongly defensible in court and based on relevant local data.
Let Us Help You Move Forward
Divorce for business owners involves unique challenges, but with the right guidance, you can make informed decisions that protect both your personal and business interests.
If you are a business owner facing divorce, we invite you to reach out to us. Our experienced family law attorney is ready to assist you. We offer free consultations to discuss your unique circumstances and explore your options. Call 770-676-1083 to get started.
