California Family Business Valuation Attorney
Lawyer Helping Family-Owned Businesses in Los Angeles County
Upon divorce a family business is considered community property. Whether you and your spouse started the business together, or you married into the business, it will need to be divided. I have started and operated three successful businesses, so whether I'm protecting the family-owned business or seeing that you get a fair share of it, my background in business will help.
At the Law Offices of Gregory J. Pedrick, I am an experienced business valuation lawyer in Encino, California. A divorce proceeding will affect a family-owned business regardless of when the business was started. As hard as it was to start the business, dividing it may be even harder. Contact me and I can answer your family business valuation questions.
Dividing the Business
If the business was started in the course of the marriage, absent any prior agreement, the court will sell the business and divide the profits equally. I can help you determine whether the business is worth selling or if you and your spouse would be better off resolving the issue yourselves.
If the business already existed when the marriage occurred, the spouse who married into it will receive a portion of the business based on the length of the marriage.
Regardless of how each party became involved with the business, there are numerous ways to resolve the division, including:
- Lump sum payment - One person buys the other out.
- Staggered deal- A certain amount of money is paid up front with additional installment payments made through the years. These payments are separate from spousal support.
- Separation of business and business assets- This solution pertains to family owned businesses with complex assets including the building in which the business operated.
Protect your business and any interest that you have in it. Contact me at my office in Encino, California. My office is open 9 a.m. - 6 p.m., Monday - Friday; evenings and weekends by appointment. I also take appointments in Granada Hills and Santa Clarita by appointment. Flexible payment options are available.
He now accepts credit cards: Visa, Master Card and Discover.