For entrepreneurs in Michigan, their business may be the most valuable asset they own. If they are getting a divorce, it can also be one of the assets that may be subject to division. It is important that entrepreneurs, whether they are sole proprietors or co-own a business with a future ex-spouse, are aware of the true value of their company.
In addition to knowing the current value of the business, being aware of its potential for growth and any debts or liabilities it has is also important. This information should be gathered before any divorce negotiations begin.
Entrepreneurs may be able to ensure that the resulting buyout is equitable. If the spouses are partners in a business, the information will be used to determine what has to be paid if one spouse wants to give up their ownership in the business.
To have the value of the company properly appraised, it is prudent to hire an impartial forensic accountant or some other similar professional, with the training to closely inspect business and personal records to determine the true value of an enterprise. An appropriate individual may be recommended by an attorney or accountant.
This person will be assessing the value of multiple aspects of the business. The building that is owned by the business and in which the business in housed, all computers and equipment and other related real estate holdings will all be appraised.
Individuals going through a high asset divorce may have their interests and rights protected by a divorce attorney who might pursue litigation to obtain the desired divorce settlement terms regarding the complex division of assets. These assets may include those related to businesses owned by one or both spouses.