Georgia Divorce Business Ownership Division
The division of property can be one of the most difficult processes involved in a divorce. The matter can become even more complicated if one or both spouses own a business or are self-employed. If often is difficult to determine the true value of a small business, which is why it is so important to have legal counsel to help ensure all assets are appraised fairly.
Determining Fair Business Value
When determining fair value for a small business or professional practice for the purposes of equitable division in a divorce, a forensic accountant may be brought in. Although proprietorship of the business will likely remain solely with one party, the business’ value could play a role in determining division of property or spousal support (alimony).
Determining Marital or Separate Property
Along with determining the value of the business or practice, the judge will also need to decide whether it is marital or separate property. This classification will also play a role in how it is divided between you and your former spouse.