Protecting Professional Practices
When a marriage ends, all the marital property must be divided equitably between the divorcing parties. This includes any business property. Whether you own a family business or run a private practice, the value of your business assets will be taken into account as part of the divorce.
At the law office of Keith B. Schulefand, Esq., in Buffalo, New York, we have more than 30 years of experience representing high net worth individuals in complex property division cases. Divorce attorney Keith Schulefand has a strong background representing lawyers, doctors and other individuals with professional licenses running their own private practices. He also has extensive experience advocating for family business owners and spouses of small-business owners seeking to preserve their financial interests.
Skilled Williamsville Divorce Lawyer Handles Business Valuations
One of the biggest challenges in property division is determining whether business assets are considered marital property. The answer to this can mean thousands and sometimes millions of dollars to business professionals and their estranged spouses.
Often, one spouse may think money earned from his or her business was handled separately from the martial affairs and would not affect the settlement agreement. However, a change in circumstances, such as the decision to refinance, could make the business profits part of the marital property and subject to an equitable distribution.
Property division attorney Keith Schulefand understands the potential ramifications a business valuation can have on a divorce proceeding. When money is on the line, the last thing you need is to be left with any surprises. During an initial consultation, he is available to explain the factors that can affect the significance a business valuation has on a divorce, including:
- Whether a business was started during or before a marriage
- Whether or not the nonbusiness owner helped contribute to the success of the business
- Whether or not the business will be sold or be bought out by the other spouse
- The extent of the business’s tax liabilities
Our law firm has access to industry-leading experts, including forensic accountants, certified business appraisers and certified public accountants available to review the business’s financial records over the past five years. The experts we work with help us determine the net worth of the business. Part of their analysis includes evaluating the company’s reputation and ability to attract new customers.
A detailed analysis is used to determine an overall value of the marital business profits. We will take every measure possible to protect your financial interests, including any business profits kept separate from your marital affairs. Our legal team is also committed to ensuring spouses of business owners maintain their fair share of the community property.
Contact A Highly Skilled Property Division Lawyer In Buffalo, New York
If you are concerned about protecting your professional practice, obtain experienced legal help. Divorce negotiations can become particularly complicated when family businesses are taken into account. Contact our law firm today online or call 716-568-4453 to schedule a consultation in Williamsville, New York. We have the skills and legal resources to protect your best interests in complex property division cases.