If you or your spouse own an interest in business, alone or with others, or if you own a business together, part or all of that business will usually be considered marital property. That does not mean the business must be liquidated or sold but it does mean its value will need to be determined and taken into account in the division of assets. As a business owner, you need to consider how this will affect your company in the short and long run, and how your spouse will be compensated for the marital stake.
Work with a lawyer who is familiar with business valuations and how the Colorado family law courts treat the division of businesses in a divorce. At Hogan Omidi, PC, we work regularly with business owners and the spouses of business owners in the Denver metro area and throughout the state to divide this asset. There are many ways to deal with division of property and assets in a divorce. We work with you to find the right solution for your unique needs.
From Kathleen’s interview for the Masters of Family Law series on ReelLawyers.com
Experience With Valuing All Types Of Businesses
We have experience dealing with the valuation of businesses ranging from companies with small holdings to those worth millions of dollars. We have experience with all types of business entities, including limited liability companies, partnerships and corporations. We have dealt with business interests in many sectors, including:
- Professional practices
- Tech startups
- Intellectual property
- Personal brands
- Oil and gas interests
- Cattle herds and farm interests
- Real estate holding companies
Why Is A Business Considered Marital Property?
Any property or asset you or your spouse started or bought into during the marriage is considered marital property. If you or your spouse owned the business prior to getting married, the increase in value during the marriage is considered marital property.
Our attorneys will discuss your goals regarding the business. If you are the business owner, we can talk about ways to keep the business intact. If you are the spouse of the business owner, you may be concerned about such things as how to guard against understated income or overstated expenses affecting the value of the business, or how to secure a potential future pay out.
We find the most effective way to resolve a divorce quickly and efficiently is through negotiation. We work with you to establish your goals and find a settlement both you and your spouse can live with. If this is not possible, we are experienced trial lawyers and will bring your case before a judge. We strive to meet your goals with a minimum of stress while giving maximum benefit to you.