Managing Business Asset Division During Kentucky Divorce
Divorce can be a challenging time, especially when business assets are involved. At Gatlin Voelker, we know how complex equitable business asset division often is. Based in Covington, our firm serves Northern Kentucky and Ohio with reliable counsel. With over 50 years of combined experience, we pride ourselves on being accessible 24/7. Our team is relatable, friendly and committed to building strong relationships with you. We don’t just practice law; we teach and guide you through the process, ensuring you feel supported and informed every step of the way.
By working with us on your business asset division needs, you have a team with a deep connection to the community. We understand the intricacies of business valuation and the division of assets during a divorce. Our approachable attorneys and staff are here to help you navigate the legal landscape in Kentucky and Ohio. We focus on achieving fair outcomes while minimizing stress for our clients.
The Basics Of Business Asset Division In Divorce
In Kentucky, the division of business assets during a divorce undergoes equitable division. This means that if a couple does not reach a private arrangement, the court will divide business assets equitably. Whether you own a business or own substantial shares of one, you need to learn about what will happen to your assets. Are business assets also personal assets? In many cases, yes. The court will examine whether the business is part of the community property or if it’s considered separate.
During a divorce, you can expect a thorough review of your business. The court will evaluate factors such as:
- The business’s value
- Contributions to marital finances
- Roles each spouse played in the business
Understanding these elements is vital as you prepare for the division of assets. We’re here to help you make sense of the process and what it means for your future.
How Business Valuation Works
Valuing a business is a key step in the division of assets. It involves determining the economic worth of the business, which can be complex. Here are some common methods:
- Market approach: Compares your business to similar businesses that have been sold. This method reflects the current market trends and conditions.
- Income approach: Looks at the business’s potential to generate future income. It considers the business’s earning capacity and potential growth.
- Asset approach: Calculates the value based on the business’s net assets. This method focuses on tangible and intangible assets.
Each method provides a different perspective on your business’s worth. The chosen approach depends on the nature of your business and the available data. Our team will guide you through this process, ensuring clarity and understanding at every stage. We aim to provide a comprehensive picture of your business’s value to facilitate fair negotiations.
What Are The Options For Dividing Business Assets?
When it comes to dividing business assets, several options are available. The best choice depends on your unique circumstances and future goals. Here are some possibilities:
- Sell the business: Both parties split the proceeds. This option allows for a clean break and clear division of financial benefits.
- Buyout: One spouse buys out the other’s interest in the business. This option allows one party to retain control while compensating the other.
- Co-ownership: Continue owning the business together post-divorce. This can be viable if both parties are willing to collaborate.
- Asset split: Divide other marital assets to balance the business’s value. This option involves trading off other assets to account for the business’s worth.
Each option has its advantages and challenges. It’s important to consider the long-term implications of your choice. We’re here to help you weigh these options and make informed decisions that align with your goals. The objective of our family law attorneys is to ensure that your financial future remains secure while respecting your contributions to the business.
The Difference That A Divorce Attorney Can Make
You stand to lose a great deal in a divorce. It is of utmost importance to have advocates like our business asset division lawyers on your side. We are passionate about making sure your divorce arrangement is equitable. In addition to helping clients in Kentucky, we help clients in Ohio. We can also represent you if you live in one state, but your business operates in the other.
To us, you are not just a client. We see you as a person, not a case. Our approach is client-focused, ensuring that you receive personalized attention and support. We work diligently to protect your interests and strive for outcomes that honor your efforts and investments.
Protect Your Business With Our Business Asset Division Attorneys
Gatlin Voelker is here to represent you tenaciously through the business asset division process. We offer a supportive and comprehensive service designed to achieve results for you. Contact us at +1-859-535-0155 or send us an email to schedule a consultation and take the first step toward a clear and equitable outcome.