One important step for people getting a divorce who are also business owners is finding out the value of the business. How accurate this valuation needs to be depends upon the circumstances. Divorcing couples in Michigan can hire a valuation analyst to take one of two approaches to identifying the value of the company.
For couples who are engaged in mediation or who are otherwise divorcing in a more cooperative manner without needing a judge, a calculation of value for the business may be sufficient. This is more efficient than a full valuation. A full valuation is more accurate, but it also takes more time and is more expensive. Some couples may be less concerned with having a precise valuation and more anxious to get the process over with quickly.
Some businesses are complex enough to need a full valuation. Furthermore, a full valuation may be necessary if a third party needs the information. Couples will need to examine their own situation and make a decision based on their needs.
In a high-asset divorce, business ownership may be only one of a number of complex issues. For example, couples might own real estate in other states, collections of art and complicated investments that will all need to be divided. There may be a challenge to a prenuptial agreement, or one spouse might accuse the other of hiding assets in vehicles as varied as offshore accounts or shell corporations. When people suspect that this is the case, they should inform their attorney. In other circumstances, even a couple with many assets to divide may be able to avoid litigation and work through the process using mediation. Mediation may also be a tool for couples to come to an agreement on some issues even if they ultimately must have a judge make other decisions.