Ending a marriage in North Carolina is often a difficult, complicated and emotional time for both partners. However, the challenges can rise to another level when a personal or family business is at stake in the divorce, especially in the case of a successful company with a high financial value. Beyond its role as a significant financial asset, the business can be a point of professional and emotional importance for partners who are also entrepreneurs.
The business may be the most valuable monetary asset handled in the divorce, even amid an overall high-value split, which means that a proper and accurate valuation can be critical to the divorce process and settlement. The involvement of a forensic accountant or business assessor can help to garner a full understanding of the business, including its assets, real estate and movable properties as well as its debts and other liabilities. Dividing a company isn’t a simple matter of numbers on a ledger; it can evoke a severe emotional impact, especially when one or both partners have put a significant work and dedication into the building of the business over a period of years.
Divorcing spouses can come to an agreement on how to handle the division of a business and its assets. While in some cases the business can be sold and the proceeds divided, in other cases a buy-out can be arranged, or assets can be divided to compensate one partner as the other maintains sole ownership of the business following the split.
A divorce involving a business can be particularly complex, especially amid other financial items involved in a high-asset divorce. Hiring a divorce attorney may help ensure that a divorcing spouse is properly represented in the process through asset division, child custody and other matters. A family law lawyer may also be able to ensure that a divorce settlement follows all the requirements of law and that interests are protected in an emotional time.