Anyone who has gotten divorced, or knows of someone who has gotten a divorce, knows the pain and anguish involved when there is a business included in the marital assets. That’s why it is crucial that you engage the services of a competent family law attorney who has had experience with divorces where businesses are involved. If you have started and nurtured your own business, you want to know you won’t lose everything you have worked so hard to create.
In determining which attorney to use, make sure the attorney has utilized the services of a qualified financial expert. A financial expert is typically a CPA who has developed an expertise in financial matters dealing with family law matters. You may have a great CPA who knows your business, but has he or she developed the knowledge in tax matters affecting divorce and does he or she have the credentials necessary to value your business? Make sure the financial expert the attorney uses has the necessary business valuation credentials, typically the ABV certification issued by the American Institute of CPAs or the CVA certification issued by the National Association of Certified Valuators and Analysts. Yes, you will pay more in fees for both the qualified attorney and financial expert; however, it should cost you less in the long run. Settling a marital issue is not the time to be penny wise and dollar foolish.
Our Litigation Support Group is available if you have any questions or need further guidance related to this blog post:
- Bruce J. Brown, CPA/ABV, CFF, CVA, CGMA
- Ryan B. Brown, CPA, CVA
Author – Bruce Brown