Mesa, AZ 85213
Phoenix, AZ 85004
Gunderson, Denton And Peterson Office Locations
View View Gunderson, Denton And Peterson Locations in a larger map
Legal Assistance With A Positive ROI
How Business Owners Can Minimize The Cost Of Divorce
It can happen to absolutely anyone in a marriage. You find yourself staring down the barrel of what is sure to be a long winded and grueling legal process. You and your partner are going to file for divorce. You ask and look for a good divorce attorney, nervous about what’s to come. The ramifications are yet to be determined, and you’ll need an expert divorce lawyer to help you understand the complex legal process the lies ahead. Naturally, the potential for serious consequences is most definitely present. In some cases both parties are agreeable, and work together with a divorce mediation attorney in order to try to find a good balance and distribution of belongings both can agree on. In these type of cases usually a settlement is reached quickly and effectively, and both parties leave the divorce in good standing. This is a best case scenario, and should be pursued first if at all possible, but if there are conflicts between the two and they can’t come to an agreement, this could lead to further complications and some may even resort to hiring a child custody lawyer to fight for the custody of their children and their belongings.
Resolving the issues involved in any divorce can be costly. Although they differ from one another in several ways, the same holds true for couples seeking an annulment as well. According to Chicago Divorce Lawyer, when a divorcing couple owns a business and didn’t enter a prenuptial agreement in regards to it, the cost of divorce can increase exponentially – unless, that is, the business owners know that there are a number of different money and time saving decisions they can make.
A business is a marital asset, just like a house, retirement account, car, and any other type of property acquired during a marriage (except for any gifts or inheritance received by one spouse alone), check this article https://www.familylawattorneymesaaz.net/requirements-divorce-arizona/ from a experienced law firm on this topic. It is for this reason that, in community property states such as Arizona, despite the amount of time and energy each spouse devoted to the business, with perhaps one having worked in the business much more than the other, unless one spouse owned it before marriage each of them is entitled to half of its value at the time of divorce. The best option any business has for a divorce is getting help from a divorce lawyer.
The question, therefore, is how to establish a value for the business at the time of divorce and this guide will help you do it. In the legal arena, a divorce lawyer relies on “experts,” typically Certified Public Accountants, to opine as to the “going concern” value of a business. The process involved in calculating this going concern value is very technical but in broad terms involves ascertaining the business’s net income and then applying certain data (“market transaction multiples”) derived from relatively recent and comparable industry transactions. Furthermore, this process may make sense when a large business is involved, one that can justify the $15,000 or more that such experts typically charge for their services as well as the additional and usually substantial legal fees that will be incurred when each side’s lawyer tries to convince a judge that their expert’s opinion of value is the right one. However, this costly process does not seem to be a sensible option for small or medium size businesses; indeed, even in the case of large profitable businesses, the costs involved are not necessary or desirable for many of such business owners. The Sanders Firm is Orlando’s premier Family Law Firm.
Fortunately, there are several less expensive and less time-consuming options – especially when a small or medium size business is involved. One option would be for the divorcing couple to instruct each of their attorneys to agree on the use of one neutral valuation expert. However, as good as this option sounds in theory, the reality is that many divorce lawyers resist it, not wanting to give up the chance of “winning,” while another divorce attorney wind up spending so much time arguing about who will serve as the neutral expert that the divorcing business owners wind up saving very little, if any, money.
Although, you can go with your ex partner to https://www.interactionstherapy.com.au/ Therapy, counselling and coaching services, in case you want to fix things up, or you can go if you need to get over the breakup.
Another reference, and typically far more productive option, is for the business owners to employ the services of a professional divorce lawyer like Noonan Law 423 E Main St #A, Endicott, NY 13760 (607) 953-6368 for this and perhaps any other contentious issues, one thing to keep in mind is to gauge whether or not any of the parties was a part of a high risk insurance due to the increase risk of losing assets.
After all, it is well established that divorce mediation is highly effective, relatively quick, and inexpensive, largely because professional mediators are adept at helping divorcing couples communicate and negotiate effectively, consider various options and alternatives for resolving issues, and learn about the legal, financial, and other information they need to make informed decisions about every aspect of their situation. Then you should also look for a great divorce lawyer like Tucson divorce attorney can be the difference between success and defeat in the court so it’s very much worth getting the best that you can afford. In the case of business valuations, this means that a divorcing couple can choose one expert whom they both trust, perhaps their own Certified Public Accountant, or a neutral third person such as a business broker who is knowledgeable about industry standards for buying and selling businesses similar to the one involved, or even foregoing the valuation process entirely, opting to just agree between themselves to a mutually satisfactory value. If you don’t have any children or property, then it’s better to get a uncontested divorce. Check out this helpful resource to learn more about it.
In summary, naggiar & sarif family law can minimize the costs involved in valuing their business, while still getting professional assistance and advice on an as-needed basis. In addition, and perhaps even more importantly, they can discuss and consider a “fair” value for their business, which may or may not be the same as the “going concern” value, but will most assuredly take into account the overarching emotional, interpersonal, and familial interests which underlie all divorce related decisions.
Guest Blog Published By:
Out-Of-Court Solutions – Oliver Ross
8350 E. Raintree Drive, Suite A-205
Scottsdale, Arizona 85260
Serving Arizona With 12 Convenient Locations
GDP Business Blog
Should I Hire a Broker To Sell My Business In Arizona?
How to Protect Your Business From Personal Injury Claims & Lawsuits
10 Tips to Keep Your Mesa Business Out of Court
Business With Friends
Deciding on a Business Structure
A Rose by Any Other Name Might Not Smell as Sweet: The Process of Choosing and Protecting a Business Name
Structuring Your Business Sale To Avoid An Unexpected Tax Hit
Eight Questions to Help You Find the Target Market for Your Business
Top Mistakes When Launching A Home-Based Business
How to Plan Your Arizona Business Plan
Business Startups: How to Pitch Your Idea to a Venture Capitalist
Seven Ingredients to Make Your Startup Business a Success
Six Qualities to Look for in a Business Lawyer
Three Steps to Choosing a Name for your New Business
Seven Steps to Developing a Marketing Plan for Your Business
How to Protect Your Intellectual Property
Ways to Failure Proof Your Phoenix Business
How To Convert An LLC To A Corporation In Arizona
Does Your Startup Arizona Business Need a Patent?
Non-Compete Agreements In The Sale Of A Business
Liability of Owners in Various Business Structures
Small Businesses Feeling the Impact of the Government Shutdown
Using a Letter of Intent to Reduce Risk in the Process of Purchasing a Business
What Does it Take to Make a Binding Contract?
Forming a Startup – Important Questions Co-Founders Should Ask First
An Exit Plan for Your Business
General Business Law at Gunderson, Denton & Peterson, P.C.
Introduction to Gunderson, Denton & Peterson, P.C.
How Business Owners Can Minimize The Cost Of Divorce
The Difference Between A Contract That Falls Under The UCC And One That Doesn’t And Why It Is Important To You
Problems with Decision-Making in an LLC
Finance Options for Your Business
Why Should Your Company Not Go Public?
How do I buy an existing business?
How Business Owners can avoid Personal Liability if others attempt to Pierce the Corporate Veil
Arizona Business Law
Arizona Business Lawyers
Link about our Arizona Business Lawyers.
Arizona Collections Law
Arizona Collections Lawyer
This link talks about our collection lawyers in Arizona.
Arizona Employment Law
Arizona Employment Lawyer
This link is about our employment lawyers in Arizona.
Arizona Estate Planning
Arizona Estate Planning Lawyer
This link is about our estate planning lawyers in Mesa Arizona.
- Mesa Estate Planning Attorney
This link talks about our estate planning lawyers in Mesa Arizona.
Arizona Franchise Law
Arizona Franchise Attorney
This link is about our Arizona Franchise Attorneys.
Arizona Immigration Law
Arizona Immigration Attorney
This link is about our immigration attorneys in Mesa Arizona.
- Arizona Visa Lawyer
This link is regarding our Arizona Visa Lawyers.
- EB-5 Immigration Visa
This page talks about EB-5 immigration visas.
- Investor Visa
This page talks about investor visas by our immigration lawyers in Mesa.
- Mesa Arizona Immigration Lawyer
This link is regarding our immigration attorneys in Mesa.
Arizona Litigation Matters
- Arizona litigation lawyers
This link is about our litigation lawyers in Mesa Arizona.
- Mesa Litigation Attorney
This link talks about out litigation lawyer in Mesa Arizona.
Arizona Probate Law
Arizona Probate Lawyers
This link is about our Arizona probate lawyers.
Arizona Real Estate Law
Arizona Real Estate Lawyers
This link is about our real estate lawyers in Mesa Arizona.
- Phoenix Real Estate Lawyer
This link is about our knowledgeable real estate attorneys in Phoenix, Arizona.
Mesa, AZ 85213