Our Lawyer Resolves Tough Business Divorce Disputes
If you or your spouse owns or has an ownership stake in a Virginia business, divorce can lead to heated disputes regarding how much the business is worth and who will control it once the divorce is finalized.
At Russell W. Ray, PLLC, in Springfield, our attorney understands the complex legal issues at play when it comes to business ownership disputes and marital property division.
Business Valuation From Experts In The Field
One of the most important tasks when dividing a business is making sure the business is properly classified as marital or separate property and correctly valued. With more than 30 years of Virginia family law experience, our attorney, Russell Ray, has a large network of specialists that he can call on for assistance, including skilled business valuation experts, to make sure that you or your spouse’s business is correctly valued so that you can receive your fair share.
You can depend on our lawyer to handle the sophisticated legal issues associated with dividing a business. If you or your spouse owns a business, do not sign any settlement or separation agreement without first speaking with our skilled divorce attorney. He will help you secure the ownership or value of the business that you deserve.
Common Concerns About Divorce And Business Division
Attorney Ray understands that every situation is unique, and he is committed to providing personalized guidance and support. As a seasoned lawyer, Mr. Ray has helped numerous clients navigate the complex process of divorce and business division, including those with high-end divorce cases. Below, he answers some of the most frequently asked questions about divorce and business division.
How is a business valued during a divorce?
A business is valued during a divorce by determining its fair market value through methods such as asset-based valuation, income-based valuation or market-based valuation. The valuation process considers several factors, including the assets, liabilities and revenue of the business, to determine its value. Working with financial experts, such as accountants, analysts and appraisers, can ensure accurate valuations.
Will my spouse automatically get half of my business in a divorce?
No, Virginia is an equitable distribution state. This means that the division of marital property, including businesses, is fair and equitable, and not necessarily equal. The division of a business depends on various factors, including:
- The length of the marriage
- The role of each spouse in the business
- The sources of funds used to acquire the business
- Other contributions of each spouse to the business
- The income and expenses of each spouse
The court will also take into account the business’s overall situation, including its growth potential and the possible impact of the divorce on its operations. The goal of the court is determining a fair and equitable distribution of the business assets after considering all relevant factors and circumstances.
Are there tax implications for dividing a business in a divorce?
Yes, there are tax implications for dividing a business in a divorce, including potential tax liabilities or benefits. Tax implications can impact the overall distribution of assets and may influence decisions on spousal support and other financial matters. Also, tax implications can affect the financial situation of the business. Careful tax planning may help minimize tax burdens, which is particularly crucial in high-asset divorces where the stakes are higher in property division.
Get Your Questions Answered
Contact Russell W. Ray, PLLC, at 703-935-4634 or fill out our online contact form to speak with a lawyer about the business valuation process. Attorney Ray will help you protect your assets during divorce.
We are in Springfield, and we serve Fairfax County, Prince William County and all of northern Virginia.