How Are Business Assets
Handled in Property Division?
Seattle, Washington, Business Valuation Lawyers
Business asset division is a complex area of family law. To begin with, there are several different accounting methods that may be used for valuation purposes. There is also Washington State's inclusion of "goodwill" into the formula for evaluating the worth of a business. And these are just a few of the issues involved. The end result: The issue of business asset division often ends up being decided in court.
Attorneys at Engel Law Group have extensive experience with valuing business assets and litigating those issues in Washington State courts throughout the Puget Sound area, including King, Snohomish, and Pierce counties. If you have concerns about business asset division — talk to us about them sooner rather than later. Just call 206.625.9800 or contact us online for a free consultation.
Is It Separate or Community Property?
If the business was started or acquired after the marriage started, it will generally be considered marital property (unless it was purchased with funds that came from separate property). If it was started or acquired before the marriage, the business will generally be considered as separate property. However, if the business increases in value during the marriage — the amount of that increase may be considered community property.
How Do You Determine the Proper Value?
Setting aside the issue of goodwill (which could take several pages to discuss on its own and still be unclear) — businesses can be valued by a number of accounting methods. Which method is best will vary according to the type of business and the position you're seeking to support. What you can count on is that our attorneys will work with professional business valuators, appraisers, accountants and others to maximize those results in your favor.
Get in touch with our Seattle, Washington, office for a free consultation. Learn more about business asset division and how our attorneys can protect your interests. Just call 206.625.9800 or contact our firm online.
