Chryssikos Law Firm

Divorce Involving Family Business

A divorce involving a family business can be complicated, but it need not be rocket science. An experienced family law and divorce lawyer should identify this issue at your very first meeting and explain how a business may be valued and divided.

However, this does not mean that a family business must be sold or liquidated as a result of the divorce. It is important to understand that a business interest owned by one or both spouses is generally a marital asset and a value can be placed on that asset much like the family home or any other asset.

One misconception is that a business value is limited to what the business can be sold for or is worthless if the business cannot be sold. This is not usually the case and a business can often be valued based upon the value it has to the owner and as an income producing asset.

This usually will require the retention of an expert qualified in business valuations who will work side-by-side with your lawyer to identify and gather the necessary documents, participate in settlement negotiations and, if necessary, testify at trial in the event a settlement cannot be reached.

Again, an experienced divorce lawyer will recognize this issue early, explain and walk you through the process. Whether you are the business owner, or the business owner’s spouse, your lawyer at the James Chryssikos Law Firm, PLLC can help.