Some individuals in a marriage may have the entrepreneurial gene and, therefore, one or both partners may involve themselves in creating a family business. During a divorce and child custody battle, however, determining the value of that business can be a challenge, but accurate accounting will ensure that a support order will be made that will provide for a child’s basic needs. At the time of the divorce, some Virginia families may find they need help with this financial task.
An accurate accounting of the family business will address more than the issue of child support. It can also help determine what is an equitable share of the assets for each partner. The individual may need to decide whether a share in the business or a maintenance payment is a more desirable option.
During the calculation, the parties to the divorce may get bogged down in confusing details, or even worse, one partner may attempt to hide income or exaggerate expenses. In these cases, an individual may choose to work with a person experienced in evaluating the worth of a business. Such an expert can look at financial records to analyze the value or point out any irregularities in the statements.
In the case of a divorce, an individual parent will want to amply provide for a child’s basic needs. This all starts with a correct valuation of the marital assets, along with any custody arrangements. These details can be a lot to handle all at once during such a trying time. In Virginia, many people choose to hire an experienced family law attorney for assistance during the divorce process.
Source: wealthmanagement.com, “Three Pressing Issues For Business Owners Going Through a Divorce“, Mark Gottlieb, Jan. 30, 2018
