Representing Business Owners and Their Spouses
When one spouse owns a business or a share of a closely held business, dividing the community interest in that business in a property settlement can be an complex and high-stakes issue. A lawyer with a strong financial background can make a big difference.
At the Diamond Law Firm in Los Angeles, we are able to offer our clients the services of attorney Joseph Diamond, who is also a certified public accountant (CPA) with two decades of high-end experience. To schedule a free consultation with one of our attorneys, contact us today.
Understanding the Options for Dividing Business Interests
Under California community property law, there are a number of things the family courts can do when it comes to the division of business assets. Depending on the circumstances, a judge in a divorce case has the authority to take actions such as:
- Allocating the entire business interest to one spouse
- Giving one spouse a share of the income from the business as spousal support
- Selling the business and dividing the proceeds between both spouses
In order to obtain a fair property settlement, it may be necessary to bring all of these possibilities into the discussion and determine which outcome will be best for both spouses.
Taking a Detailed Look at the Value of the Business
To obtain a fair property settlement, we need an accurate representation of the true current value of the closely held business interests subject to division in your divorce case. Our attorneys work closely with forensic accountants to pursue accurate business valuation.
Mr. Diamond's CPA experience enables him to assess the work product of, and skillfully depose, the experts retained by both our firm and our opposing parties.
We are also experienced at assessing the impact of devices such as buy-sell agreements on the value of ownership shares in businesses and professional practices. Contact us to discuss your concerns about achieving a fair property settlement when a business is involved.
