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Asset division can be complicated for entrepreneurs

Business owners going through a divorce in Georgia face particular challenges, both logistically and emotionally. At the end of a marriage, entrepreneurs may find that dividing a family or personal business owned by one or both partners to be incredibly challenging. A company can be subject to inclusion in the division of assets during a divorce, and many entrepreneurs have an emotional as well as a financial connection to their businesses. This is even the case when there are other assets of significant value at stake in the divorce such as real estate, investments and retirement funds.

In order to ensure that the divorce negotiations deal properly with the business, it is critically important to obtain an accurate, professional valuation of the business and its detailed financial outlook. An external expert like a forensic accountant or accounting appraiser may be able to provide a comprehensive understanding of the value of the business. This will include reviewing the assets and liabilities of the business, including income, unfilled orders, inventory, real estate, trade names, debts and other factors.

When it is time to divide the assets, a business can be dealt with in several ways. Some could choose to sell the business outright and then divide the proceeds. For many others, however, it would make more sense to compensate the less involved partner with additional non-business assets in the settlement or arrange a buy-out plan.

During a high asset divorce involving a business and other significant financial concerns, a divorce lawyer may be a critical ally in providing representation, protecting a divorcing spouse's interests and addressing critical concerns like spousal support and child custody. A family law attorney may be able to help to ensure that a divorce settlement meets the guidelines of state law and respects each spouse's financial needs and concerns.

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Hecht Family Law
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