If a closely held business with community interest is a substantial asset in your divorce, you will want to obtain a business valuation completed by a certified expert. Many people over- or underestimated the value of their business, or worse, lie about the actual value to their spouse to cover assets. As such, make sure you hire a reliable business valuation expert for your divorce. This will help you negotiate property division or to give the judge something to work with when deciding the value of the business and division of the marital property.
Do You Really Know What Your Business is Worth?
A lot of business owners think they have a very good idea of what their business is worth. And some certainly do. But there are a lot of cases where what the business owner thinks adds value to the business, actually does not; as well as a lot of cases where the business owner doesn’t realize other factors do in fact add value. Each business is unique. Minor details in the structure and operations of the business can affect its value, making valuation difficult for many business owners.
Then of course there are the business owners who lie to their spouse about the value of the business, often hoping to keep its value on the low end during divorce negotiations. Spouses without a hand in the business may have no idea if the figure the other spouse tells them is accurate – without knowledge of the business’s assets and performance, how would they?
This is where a professional can be so helpful. It is important to consult a business appraiser certified with a nationally recognized business valuation organization. If you are working with Molly B. Kenny for your divorce, she can help you locate an expert who would be suitable for your particular business.
What to Look for in a Business Valuation Expert
In general, some of the things you want to look for in an appraiser include the following.
- Formal credentials
- Familiarity with divorce cases in Washington
- Excellent oral and written communications skills
- Professional designations
- Experience authoring reports related to your type of business
- Experience testifying in divorce cases
- Ability to provide you with samples or a portfolio of completed appraisals
For help with your business appraisal or with any aspect of a divorce in Washington State, contact the Law Offices of Molly B. Kenny at our Bellevue law office today at 425-460-0550.