Dividing a Business During Las Vegas Divorce Proceedings
The longer a couple is married, the more assets they acquire during their marriage. When the marital estate involves different kinds of assets, like bank accounts, investment accounts, businesses, multiple real estate properties and multiple vehicles, the process of dividing these assets can become very complicated.
At the Kainen Law Group, we help Las Vegas spouses navigate the complexity of finding fair solutions in their asset division proceedings. One often difficult area for spouses to come to agreement on is the division of a privately owned business.
The scenario of a privately owned business during a divorce might look something like this. One of the spouses started his or her business after the marriage. Although it was very small in the beginning, it grew to become a successful corporation with numerous employees. Under Las Vegas law, the spouse who owned and managed the business may need to split the value of the business with his or her spouse 50-50 in the divorce proceedings.
Since one of the spouses may not have participated in the business at all, it might not make sense for that spouse to suddenly come into the business as a part-owner. As such, the spouse who runs the business may want to buy the other spouse out of his or her share. This is where business valuation comes into play.
It’s important for spouses to value their businesses appropriately and fairly, but this could give rise to disagreement. The spouse who’s getting bought out will want to value the business as high as possible and the other spouse will want to value it as low as possible.
At Kainen Law Group, we defend the legal rights of our clients while employing our negotiation skills strategically and diplomatically. If you have a complex asset division matter to resolve, we will educate you on your legal rights and advise you of the most appropriate steps to take in order to achieve your asset division goals.