Louisville Business Valuation Lawyer

When it comes to divorce in Louisville, ensuring that your business interests are properly valued is essential. Owning a business is considered a major aspect of your marital estate in Kentucky and will likely be subject to the property division laws of the state. Whether you own a coffee shop in Old Louisville or a private medical practice near Germantown, it is crucial that you hire an experienced Louisville business valuation lawyer who can protect what you’ve built.

About Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC

For over three decades, the team at Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC has helped clients through the various difficult aspects of divorce. In cases involving business ownership, the stakes are high, and you need an attorney who understands how to properly assign value to the business to ensure you receive what you are entitled to. We have handled countless cases in Jefferson County and throughout the state and can help you as well.

In addition to our experience handling divorce cases throughout Kentucky and Southern Indiana, our team brings an unmatched level of excellence to each case. Over our many years of service, our attorneys have received accolades like Family Law Lawyer of the Year by Louisville Best Lawyers and Top Lawyer in Louisville Magazine, and have been included in Super Lawyers and on the KY Super Lawyers Rising Stars List. Let us put this excellence to work for you.

Why Is Business Valuation Important in Divorce?

While the current divorce rate in Kentucky is reported at 2.9 for every 1,000 residents, the rate of divorce among entrepreneurs and business owners is even higher. According to one study, one in every three entrepreneurs is divorced. This can, in part, be due to the added stress that being an entrepreneur or owning your own business can put on your relationship with other people, especially your spouse.

In divorce cases where a business is considered to be all or partially marital property, meaning that it was acquired or gained value during the time of your marriage, it may be subject to the state laws of equitable distribution. This means the value of the business will be divided fairly between you and your spouse.

In these situations, you will need to have your business valued. If you rush this process and do not hire a professional, significant value (up or down) can be missed due to haste.

It is crucial that you hire a business valuation lawyer who can ensure you get a correct estimate when it comes to how much your business might be worth. You should have a firm understanding of where your business or your spouse’s business stands before walking into any negotiations or litigation regarding the division of property in a divorce.

Factors Determining the Value of Your Louisville Business

Since 2011, Louisville has seen over 2,500 new small businesses open up in the city. This just speaks to the growth of this area and how important business interests are to our residents. If you and your spouse decide to pursue a divorce, your business or business assets will be considered in the property division process.

At Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC, our attorneys, along with the appropriate expert, can review various aspects of your business to determine the value of your business and what you might be entitled to receive in a division of property. These aspects relating to your business include:

• Assets and liabilities. This will include the value of all tangible assets, such as property and equipment owned by the business, as well as intangible assets, like any patents, or the overall brand value, minus liabilities such as business loans, debts, or mortgages.
• Market conditions. Alongside a business valuation professional, your attorney will review the demand for your kind of business within its market, the competition posed to your business, and the overall economic conditions of the area. All three of these factors can potentially affect the value of your business.
• Market conditions. Alongside a business valuation professional, your attorney will review the demand for your kind of business within its market, the competition posed to your business, and the overall economic conditions of the area. All three of these factors can potentially affect the value of your business.
• Potential for growth. If your business can grow its overall revenue and profit, possibly expand into new markets or areas, or develop new products, this will play a vital role in the overall valuation of the business.
• Structure of ownership. The way in which ownership is structured will have a major impact on how the business is valued in a divorce, especially if there are any partnership agreements in place that affect the control of the business or the potential sale of the business.
• Trends in the industry. Changes within your specific area of industry and trends will affect the future prospects of a business and therefore its overall value.

Whether you own a small gift store or a chain of specialty restaurants, the team at Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC, is here to ensure your business is treated properly during a division of marital property. Whether you are the party hoping to protect your business from divorce, or are the party entitled to equitable distribution, we can support you and advocate for your rights.

Likewise, if you believe that your spouse, who owns a business, is hiding assets from you or not fully disclosing important business assets, we can help you uncover any misappropriations or inaccuracies to ensure the overall business valuation is as transparent and fair as possible.

Hire a Business Valuation Lawyer Today

If you or your spouse owns a profitable business in Louisville and you are looking to obtain a divorce, it is crucial that you hire a business valuation lawyer as soon as possible. You want to ensure that your rights to the business and profits are protected and that the business itself will remain stable and financially secure in the long run. At Straw-Boone Doheny Banks Mudd Catalano & McKinney, PLLC, we are here to help. Contact our offices today.