If your business is considered a marital asset, its value will likely be subject to division during divorce. This means that your spouse may be entitled to part of your business's value. Important factors include the length of the marriage, whether the spouses are co-owners and whether the business is a sole proprietorship or a partnership.
At The Law Office of McLaine DeWitt Herndon, PLLC, we represent business owners in Tulsa and throughout the surrounding areas of Oklahoma. We also represent spouses of business owners in property division settlement negotiations and litigation.
Our Tulsa County lawyer is an experienced advocate for clients in this challenging aspect of divorce. She understands business valuations and business goodwill, how to accurately value stock options and numerous other issues that pertain to divorce for business owners.
Accurately valuing the business is a critical first step toward reaching a fair agreement about its division. You must take into account the fair market value, any business assets or debts, the likelihood of appreciation or depreciation, and a variety of other factors.
While hiring a CPA may be essential in some cases, it can also be expensive. We often help clients identify alternative and more cost-sensitive methods of valuing their businesses.
Our law firm also assists clients with valuing the goodwill attached to the business. While professional goodwill is attached to a particular individual and is not generally considered a marital asset, business or commercial goodwill is just the opposite. In some cases, professional and business goodwill can be mixed, which is why it is wise to retain an experienced attorney who can fully defend your financial interests.
To arrange a consultation, call The Law Office of McLaine DeWitt Herndon, PLLC, at 918-585-3337 or send us an email today.