The process of ending a marriage can be complicated both legally and emotionally. This is particularly the case for people who own business assets and debts that they must divide. Here is a look at how to approach the divorce process when it involves a business in Virginia.
For starters, it is generally best for married people who own a business together to keep their business-related funds separate from their personal money. This is critical because commingling these funds can make the process of valuing the business and determining both parties’ incomes difficult. In this situation, the two parties may have to untangle these funds, which can be challenging and even have an adverse impact on their settlements.
However, if two married business owners failed to separate their personal and company funds, a forensic accountant can help them to identify their business assets and debts versus their personal property and liabilities. The attorney can then generate a report on his or her findings. This report may prove useful for making decisions concerning how to split assets, dividing debt and even tackling alimony during the divorce process.
Dealing with financial matters during divorce can no doubt be complex, particularly for people with a large number of assets or high-value assets. However, an attorney in Virginia can walk a divorcing individual through this aspect of divorce from start to finish. The attorney will pursue a comprehensive and just settlement for his or her client while placing the client’s best interests at the forefront of the divorce process.
