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Birmingham Divorce for Business Owners

Birmingham Divorce for Business Owners

For business owners, money and sweat equity you have invested into your company over the course of years or even decades could be in jeopardy as the result of divorce proceedings. At a time like this, it is important to have an experienced Birmingham divorce attorney on your side.

At Iafrate & Salassa, P.C., we are dedicated to ensuring your business interests are protected, and that you get the settlement you are entitled to when it comes to marital assets and property division.   

At Iafrate & Salassa, P.C., We Protect Your Rights During Divorce

Under the Michigan Revised Statutes, any property earned, acquired or otherwise accumulated during your marriage is considered marital property, and therefore is subject to the rules regarding equitable property distribution. This means that rather than dividing everything 50/50, the judge will attempt to determine an arrangement that is fair to both parties.

Even if your business is one that you owned prior to the marriage, it can still be subject to marital property division. Factors the judge will likely consider include:

  • The age of the couple and the length of your marriage;
  • Each of the spouse’s current income and assets;
  • Contributions each spouse made to the business in terms of time, money, or efforts at making it a success.  

At Iafrate & Salassa, P.C., our Birmingham divorce attorneys can help protect your rights in these proceedings. We provide professional legal representation throughout divorce settlement negotiations, and gathering the evidence needed to support your claims.

Birmingham Divorce Attorneys: Experienced Legal Representation Business Owners Need

One of the most important parts of determining the rights to a business is getting a proper valuation, and Entrepreneur advises that you have several methods to choose from. Our Birmingham divorce attorneys will work with you to help determine which of the following will give you the most complete and accurate value:

  • Asset valuation, which looks at the total amount of assets, inventory, and equipment owned.
  • Sales multiple valuation, which looks at the total amount your business made over the course of the year.
  • Earnings multiple valuation, which looks at earnings from previous and current years, while projecting future earnings.
  • Cash-flow analysis, which looks at earning potential and then applies a discount to determine current cash value.  

While an accurate valuation is crucial, we also know your business likely has personal value as well. At Iafrate & Salassa, P.C., we can help you determine whether your best option is to liquidate your assets, to negotiate other types of property or assets in exchange, or to attempt to buy your spouse out. Call or contact our office online today to request a free consultation to discuss this and other important issues involved in your divorce case.

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