When you find yourself amid a divorce or separation, it is hard to know what to do first, especially when it comes to dividing you and your spouse’s financial assets.
And if you and your spouse own a business or professional practice, it will be one of the areas that will go under the financial microscope during the divorce process.
For decades the legal community has relied on the abilities of accountants to assist them in understanding and analyzing financial issues related to family law and the marital separation process.
In divorce proceedings, these accountants, known as forensic accountants, specialize in preparing documents and reports for parties going through marital dissolutions.
A Business and Professional Practice Valuation will need to be completed to determine the value of the business, including goodwill if any, for which one or both of the parties hold an ownership interest to assist the parties in property division.
This type of valuation includes many different steps, and it is best to consult with an expert who specializes in determining the value of the business.
Our accounting professionals at White, Zuckerman, Warsavsky, Luna & Hunt are a diverse group, knowledgeable in commercial and family law litigation as well as providing conventional accounting and tax practice services as you proceed with your divorce.
If you have a complicated financial business profile that needs to be sorted out, contact us today to see how we can be of assistance during your separation proceedings.
When you need more than an accountant … Get an EXPERT!
Note: This information is general in nature and should not be construed as legal/financial/or tax advice. You should work with your attorney, financial or tax professional to determine what will work best for your situation.
I need my business evaluated for divorce proceedings
I am requesting a consult with a subject matter expert in splitting business value during divorce. I filed for divorce on 08/2018, hasn’t been finalized yet. I am the high earning income through my State job and a tax payer. My ex owns a used car dealership in Sacramento and of course a lot of changes in numbers and taxes showed up. I have my own attorney and most likely we will need a third party for determining value of business. Thanks- Ladan cell 916-996-6833