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Why properly valuing your business is important

Divorce is a complex process, but it can be especially complex when there are small business assets at stake. As a Florida small business owner, you know that your divorce will have an impact your financial future, but with the right help and a clear understanding of your rights and options, you can protect yourself and the future of your business.

One of the most important steps to protecting your business assets is to have a current valuation of your business and all related assets. You have a rightful claim to a portion of all marital assets, and you also have the right to seek a property division order that ensures continued profitable operations.

What should you know about business valuation?

The process of properly valuing a business can be complicated, yet it is necessary for an accurate, fair and reasonable property division settlement. In many cases, getting an accurate value for your business requires the assistance of certain professionals, such as forensic accounts and others. Consider the following about why it's important to have an up-to-date valuation for your business:

  • One of the most common ways to determine the value of a business is to compare it to other similar size and type businesses. The size, geographic location and other factors serve as part of the comparison.
  • As part of the business valuation process, there will likely be a careful review of all financial documents and records.
  • The expenses, profit margins and even tax records could help build an accurate picture of how much your business is worth.

Protecting your business interests is critical, especially if you spent years of your life building your company from the ground up. In the same manner, spouses of business owners may also have a rightful claim to a portion of these assets, particularly if the owner started the business while he or she was married.

Protect your financial future

Accurately determining the value of your business can be a daunting challenge, and while it may not be an easy process, it is possible reach a settlement that is reasonable and fair. Whether you want to protect your business or ensure you get a fair share of marital assets, you would be wise to have guidance as you work to protect your financial future.

Many people facing a complex or high-asset divorce find it useful to first reach out for a complete evaluation of his or her case as early as possible in the divorce process.

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The Law Firm of Chris E. Ragano, P.A.
3408 S. Manhattan Avenue, Suite 1
Tampa, FL 33629

Phone: 813-586-2277
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