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When asset valuation issues arise, expert may be needed

Many Florida residents put an immense amount of dedication and effort into their jobs. This includes the many small business owners around the state, who often stop at almost nothing to ensure their business finds success and growth in an ever changing marketplace.

When a small business owner goes through a divorce, one of the most significant issues in the divorce can be the division of these business assets. As discussed recently in this blog, the process of dividing business assets can be contentious, not only in identifying the assets at stake but in properly valuing those assets as well.

In order to properly value business assets, or any other significant item of marital property, it is frequently necessary to obtain a financial expert. This person can go through the books and records of the company and examine the company's profitability and expenses, as well as the value of different assets owned by the business.

In some cases, the parties agree to hire one joint financial expert to perform this valuation. The advantage of having a joint expert is in keeping the costs down and expediting the process. This is not always possible, however, such as when the parties have vastly different ideas of the assets and valuation issues. Accordingly, in these cases, both sides may have their own experts to perform an independent analysis.

Ultimately, whether a financial expert is needed will depend on the facts and circumstances of each case. The bottom line is that a party to a divorce should take the steps needed to protect their interests and get a fair division of the assets at stake in the divorce.

Source: Fox Business, "How to minimize the impact of divorce on your small business," Jennifer A. Brandt, Aug. 2, 2012

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