How do I Value My Spouse’s Business for Divorce
If my husband owns a business, how do I find out what it is worth when filing a divorce? Once two parties have decided that they want to get a divorce, there are numerous matters that the two parties will have to discuss and try to reach a decision on. They will need to discuss living arrangements, child custody and visitation, property division, and more. Property division can be one of the most heavily contested terms of an Autauga County divorce. The two parties can either reach a mutual agreement between themselves, or the two parties can take their issues to the Circuit Court and let the Circuit Court judge decide for them.
Property division varies across the country. Each state has their own property distribution laws. There are states known as community property states, and there are states known as equitable division states. Community property states consider all property obtained during a marriage to be marital property. The community property states require that the two parties getting an online divorce in Madison County, or a contested divorce, must split all of their marital property equally between the two of them. So, each party will get 50% of the marital property no matter what. In equitable distribution states, the Circuit Court judge will divide the marital property between the two parties equitably, which means the two parties are not entitled to an exact half of their marital property.
In equitable distribution states, the Circuit Court judge has full discretion to divide the two parties’ property however the judge deems appropriate in the circumstances. The Circuit Court judge will try to divide the property between the two parties as reasonably as possible. Before making this decision, the Circuit Court judge will consider many different factors. The Circuit Court judge will typically consider things like the parties’ ages, incomes, health, and contributions towards the marriage. The length of the marriage may also be considered in a Madison County uncontested divorce. Marital property can include assets like homes, cars, bank accounts, and even businesses.
If you live in Alabama and your husband owns a business, you may be entitled to part of it depending on the circumstances. For example, if you and your husband survived solely on your income while your husband completed business school, you will likely get some of the business. It may be a little difficult to determine how much your husband’s business is worth because it is usually a complex process. You may want to consider hiring an accountant who has experience with looking at a business’s financial records. The accountant will know how to evaluate the business’s income, and they will be able to compare it to other similar businesses. The accountant may also wish to look at any assets that your husband’s business owns in order to value the business for divorce. If you would like to schedule a consultation with one of our Anniston divorce attorneys, contact us today.
Attorney Steven A. Harris regularly blogs in the areas of family law, bankruptcy, and real estate closings on this website. He is always available in any of the firm’s offices or by phone anytime for a consultation. Mr. Harris tries to provide informative information to the public in easily digestible formats. Hopefully you enjoyed this article and feel free to supply any feedback. We appreciate our readers and love to hear from you!
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