Many couples work together to build a business, or businesses, that benefits them both, businesses that are considered a marital asset. The business may be considered a marital asset because both parties actively participate in the day-to-day operations of the business. However, a business that was started during the marriage by one spouse may also be considered a marital asset. Because our high net worth clients often have highly valued or multiple business entities that could be considered marital assets, we are skilled at assessing what could be determined as a marital asset.
Under Minnesota law, a marital asset can be divided in one of three ways: dividing the asset; selling the asset and dividing the proceeds; or awarding the asset to one spouse with the other spouse receiving payment amounting to her share. Where the business or businesses are highly valued, few people want to dissolve or sell in order to divide the asset. That makes an accurate assessment of the business so important.
A marital asset business must be valuated so that there is an equal division of the asset to each party. At Banas Family Law, P.A., we are experienced in working with our high net worth clients in order to obtain the appropriate business valuation. We work with well-qualified business appraisers who are experienced and knowledgeable in their field.
Because of the complexity of higher valued businesses, our appraisers take care to give a detailed accounting of the valuation so that we can present accurate information during settlement negotiations determining the division of marital assets. The evaluation can be based on the sales history, income, and assets and debts of the business. Business evaluators will review the business records carefully in order to determine the appropriate valuation.
If you and your spouse have a highly valued business that could be considered a marital asset, it is to your benefit to work with an attorney knowledgeable in the event of a divorce. At Banas Family Law, P.A., we work diligently to get the most accurate information possible for our clients.