ACCURATE BUSINESS VALUATION IS CRUCIAL IN A FAIR DIVISION OF PROPERTY

Divorce Lawyers Work With Valuation Experts in Novi, Plymouth and Ann Arbor

If you are a business owner going through divorce – or if you are ending your marriage with a business owner – the importance of obtaining a thorough business valuation cannot be overstated.

In Michigan, business assets acquired during the course of a marriage are generally considered to be marital property, which is subject to division between divorcing spouses. The legal presumption is that marital property, including business assets, will be divided in a way that is “equitable” – which frequently does not mean an equal split.

The reality is that the value of a business could be divided quite unequally, and it is crucial that divorcing business owners and their spouses safeguard their rights to valuable business assets.

A professional practice may be part of the marital estate during a divorce, even if your spouse never played a role in the business or its operation. Michigan law provides that an asset may be considered marital property based on a number of factors, including when the practice was founded, how it has grown during the marriage, and how profits are managed. Our lawyers are equipped to help you determine if all or part of your practice may be subject to asset division in your divorce.

Call For A Free Consultation At 248-374-1800.

WORKING WITH FORENSIC ACCOUNTANTS AND OTHER EXPERTS

At the Shaw Law Firm,  we routinely enlist the help of tax specialists, business valuators and forensic accountants to ensure that our clients’ property rights are fully protected. You or your spouse may have a closely-held business, a professional practice or other kinds of income-generating properties. We have the legal tools and resources to ensure that those complex assets are identified and accurately assessed.

An under-valuation or over-valuation could have a permanent negative impact on a divorcing spouse’s financial future, and we work aggressively to guard against this outcome.

Additionally, when high-value property is at stake, it is not uncommon for one spouse to try to hide assets in a closely-held business or by other means defer income. We know how to uncover this kind of activity and protect our clients’ property rights.

Prior to becoming a divorce attorney, Mr. Shaw was employed at a large accounting firm where he was involved in the area of divorce, alimony and tax litigation support, which included businesses and pension valuations and the analysis of various financial and tax issues.

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