Splitting Business assets in divorce

In addition to the regular marital assets that a couple must consider dividing in the process of a divorce, some couples must also consider the equity in a business, whether that be a family owned business or a business owned by one partner during the course of the marriage.

At the family law office of Shaffer & Engle Law Offices, LLC, our divorce lawyers have extensive experience helping clients identify marital assets and debts. We regularly work with financial and business experts to gain a proper valuation of business assets to ensure that our clients receive a fair and equitable share of the marital estate at the time of asset distribution.

If you are facing a divorce or legal separation, trust our firm to represent your interests. Contact our Harrisburg law office to schedule a consultation.

Valuing Business Assets And Debts

If a couple owned a business together - an LLC, an S corp or C corp, or a partnership - the first important step is to review the bylaws and any existing partnership or shareholder agreements that state how the business is to be divided upon dissolution or death of partner.

Then our firm will begin a thorough review of the state of the business, petitioning for information pertaining to:

  • Stock issuance
  • Officers and shareholders
  • Financial documentation, including corporate tax returns, monthly cash flow statements, accounts payable and receivable, existing inventory, and a listing of debtors and creditors

Discovery must be started immediately when business assets are involved. Prompt action and thorough documentation can prevent a business-owning partner from moving funds, draining business accounts, using business funds for personal purposes, and removing money from pension plans.

Protect Your Stake In Your Business

At Shaffer & Engle Law Offices, LLC, our divorce lawyers have more than 65 years of legal experience protecting the financial interests and rights of clients in divorce. We are zealous advocates for you and have access to a range of financial and business experts who may be needed to understand even the most complex business assets.

Contact us if your divorce case will involve the division of business property. Put an experienced central Pennsylvania divorce lawyer on your case. Call 717-827-4074.