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Business valuation may play role in New York property division

Business owners often want to put their best efforts forward when it comes to protecting their companies. However, some events may seem relatively unexpected, and parties could find themselves doing damage control in hopes of having their company face minimal impacts. For some New York residents, divorce and property division could be one of those life events that leave businesspeople looking for the best strategies.

During such a situation, knowing the value of the business can play an important role. If both spouses run the business, the possibility exists that the company will need to be divided between both parties. Therefore, obtaining a proper business valuation can help individuals determine how much money would be needed to conduct a buyout from one spouse or what similarly valued property could be exchanged in order for one party to retain full ownership.

Additionally, business valuation can also come in handy if both parties do not play a role in the company. A spouse may still be entitled to a certain share, and it is possible that conflict could arise over how much the business is worth. By having a professionally conducted valuation, there may be little room for argument.

The idea of losing some or all of a company can often make business owners feel ill. Therefore, parties undoubtedly want to do their best to understand what strategies could potentially help them hold on to their businesses during divorce and property division. Concerned New York residents may wish to consult with their legal counsel to determine which routes may work best for their circumstances and hopeful outcomes.

Source: bizjournals.com, "5 reasons you need a business valuation", J. Benjamin Morgan, May 8, 2017

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