Answers For You Regarding Businesses In Divorce Proceedings
The stakes are high for business owners, executives and shareholders going through a divorce. Since 1998, our business law and divorce attorneys at Nelson Kirkman have provided legal services to Orange County clients. Many people come to us with questions about divorce and business assets. To help you, we have answered a few of these below, and you can find more answers on our FAQ page.
Do Attorneys Need Specialized Skills To Represent A Party In A Divorce When A Business Is Involved?
Yes, when a business is involved, a divorce attorney needs knowledge and skills in areas such as valuation principles and generally accepted accounting principles (GAAP), as well as a solid understanding of relevant statutes and divorce valuation case law.
Is It Important To Hire A Valuation Expert To Assist With Valuation Issues When A Business Is Involved In A Divorce?
It’s extremely important to build a team of experts to properly represent a client’s interests when a divorce involves a business. A valuation expert is a key part of the team working to reach the best settlement. Divorce courts frequently order valuation experts to meet before a trial begins to iron out the differences in valuation between the parties.
How Does A Valuation Expert Contribute To A Successful Divorce Settlement?
A strong valuation expert is worth their weight in gold when a divorce involves business ownership. The right expert brought in at the right time can play a key role in determining case strategy and the development of the most beneficial asset division settlement offers. To maximize their contribution, a valuation expert should be involved in the divorce from the beginning, not just when the two parties disagree on valuation. Additionally, it is critically important that the chosen expert have a strong reputation with the court, or they may not be effective.
Can Your Regular Accountant Handle The Valuation Of Your Business For The Divorce?
It is not a wise decision to have a personal accountant attempt to handle the valuation of the business for divorce purposes. This work requires far more than the general principles of valuation that your accountant may understand. A valuation expert must have a strong understanding of divorce valuation laws in California. Additionally, it is critical that the valuation expert have a good reputation with the court and be viewed as unbiased, a standard your personal accountant is not likely to meet.
More Answers Are Within Reach – Contact Us Today
These are merely a few answers to general questions. You can get a better idea of how valuation, division and other concerns will affect you by speaking with one of our lawyers. Call our Newport Beach law office at 949-430-6952 to schedule a consultation. You can also use our online contact form.