David R. Bruegel, P.C.David R. Bruegel, P.C. brandDavid R. Bruegel, P.C.
Call Us Today
Local : 517-833-4196
Our Practice Areas

Key facts for dividing your business in your divorce

We All Need A Champion

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.

No Comments

Leave a comment
Comment Information
  • Expert Network | Distinguished lawyer | David R Bruegel
  • National Association Of Distinguished Counsel | Nation's Top One Percent | NADC
  • This Attorney is Lead Counsel Rated. Click here for more Information.Elder Law & Estate Planning

Share Your Concerns.

The first step toward tackling any legal problem is to talk it over with a trusted professional. Discuss your legal worries with attorney David Bruegel. Call or send an email to get started.

Send Your Information Today

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

David R. Bruegel, P.C.

Attorney Image
Avvo Rating 10.0 Superb Top Attorney General Practice Peer Review Rated For Ethical Standards & Legal Ability AV Preeminent Martindale-Hubbell from LexisNexis

Contact Information

155 W. Maple St.
P.O. Box 316
Mason, MI 48854

Phone: 517-833-4196
Fax: 517-676-6035
Map & Directions

Review Us