If you worked hard to establish a Massachusetts business and make its ongoing operations profitable (either by yourself or working together with your spouse), you certainly have an avid interest in how that enterprise will be handled if you and your partner decide to divorce.
A recent Forbes article speaks to that, with primarily a female audience in mind. Much of its subject matter applies with equal force to male spouses as well, though, and we pass along some of the central points to what we reasonably believe is a broad audience of relevant readers, without regard to gender.
Here is one of those points — perhaps the most fundamental takeaway of all — stated as an admonition: take greatest pains to avoid skimping even remotely on the arduous and likely time-consuming work involved in accurately gauging the value of your business.
After all, the amount ultimately attached to the enterprise will be the baseline around which virtually all financially related negotiations will play out.
So you need to get it right, with close consideration of many factors focused upon profits, debts, financing arrangements, inventory, goodwill, the respective contributions of both spouses and more.
And then, stresses the Forbes piece, you might reasonably want to “take a second look.”
That might optimally be through the eyes of a forensic accountant recommended by a seasoned family law attorney. Ideally, the lawyer you have retained to safeguard your interests and fully promote your rights in the divorce process will command proven acumen in business-related property division matters.
There is lot to think about when a business features in divorce. An experienced family law attorney can help with the heavy lifting.