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Key facts for dividing your business in your divorce

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A divorce can be a trying time, and figuring out how to divide all of your assets may be taxing. In the case of a business that you both helped to build or are currently running together, it may not be easy to resolve. There are a few key facts to consider when deciding how to divide your business in your divorce settlement.

First and foremost, you must know the value of the business, so you should consider having it appraised by a Certified Business Appraiser. CBAs go through a strenuous certification process, including an in-depth exam and appraisal review by previously certified appraisers. Though they can be expensive, knowing the true value of your business can increase the amount of your settlement, so it may pay for itself in the long run.

Once you know the value of the business, you will want to decide how the business will be handled moving forward. According to Michigan law, MCL Chapter 552, there are three possible options: both spouses still own the business, one spouse maintains the business and the spouses sell the business. In the case that it is an amicable split and the spouses are able to maintain a peaceful business partnership, then it can be possible for both parties to still own the business. However, if they cannot, it may be best for one to maintain the business or for them to sell it. When one party keeps the business, he or she must buy the other out, which they may most likely settle through mediation. On the other hand, selling the business can take some time, possibly even years, and may require additional assistance, such as a realtor.

With the time, effort and support that you put into your marriage, you deserve your best chance for receiving just compensation. Along with understanding these key facts, it is important to have the right attorney on your side fighting for you every step of the way. Take your time and determine the best choice for you.

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