The family owned business is often the most valuable asset in a marriage. Most people have watched in horror as a family business is destroyed by the acrimony of a contentious divorce
When couples divorce and one or both have an interest in a family owned or closely held business, using the collaborative practice process can help assure continuity of the business by:
Permitting the couple to fashion a common sense valuation of the business using a neutral professional they select,
Avoid intrusive discovery since voluntary and full disclosure is made during the process thereby avoiding competing experts tying up valuable staff time trying to get business records through formal discovery,
Records and other business information are kept private,
Reduced conflict allows the business owner spouse(s) to continue focusing on running the business,
The non-owner spouse has an opportunity to understand the components of the business and have all of his or her questions answered as part of the valuation process,
The business valuator will include both spouses and their attorneys in thoroughly explaining the valuation and developing a plan for the business owner spouse to pay the non-business owner spouse, his/her value of the business using a plan that will permit the business to continue operating.
Collaborative Practice protects business owners and their families a great process for preserving their businesses during and after a divorce.
