How Property Division Affects Tennessee Business Owners in a Divorce
Help for Knoxville families with single and multiple business properties
Divorce is always a bit complicated, even in situations where both parties agree to spit amicably. If you or your spouse own a business, however, those complications can begin to pile up. The appropriate business valuation is necessary to ensure that you retain your fair share of the assets when you and your spouse end your marriage. At LaFevor & Slaughter in Knoxville, we help local Tennessee business owners keep what is theirs by offering meticulously detailed counsel and documentation aimed at protecting their businesses and their futures.
How business valuation works
Your business’s worth is assessed on a number of factors, including the type of business it is. Thus, a sole proprietorship is valued differently than professional practice, a partnership or a corporation. The more people who are involved in the business, the more complicated the division becomes as well. If for example you, your spouse and another couple all opened a business together, the process will necessarily be more complicated than it might if you and your spouse opened a business together.
The IRS offers guidelines for finding the true value of a business. Those guidelines include “three generally accepted valuation approaches…