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Divorce and the family business: How does that work out?

| Feb 17, 2017 | Firm News, High Asset Divorce

An initial point regarding any family-owned business might reasonably center on the very fact that such an entity exists. Congratulations are certainly in order for people who have toiled over time with passion, energy and creativity to establish and successfully operate a family enterprise. Doing so is a distinctive rarity.

In most divorces in Arkansas and elsewhere that involve a family business — and especially in comparatively high-net-worth dissolutions — the ultimate disposition of that entity is understandably a big deal, and typically for myriad reasons.

For starters, emotions can run high regarding what is, after all, “your baby.” You built it. You might want to see it continue.

Or, alternatively, you are a divorcing spouse who simply wants his or her equitable share of the proceeds after seeing the business sold.

In some instances, too, divorcing parties seek to work out other outcomes, such as bringing in a new partner, spinning the business off to other family members, continuing to work as co-owners in the wake of divorce and so forth.

The bottom line: Things can get complex regarding how things will ultimately unfold.

Attorneys in a family law firm commanding deep experience in high-asset divorces featuring family-owned businesses can help a client sort through the variables and implement a strategy that yields an equitable and best-case outcome.

That often starts with an accurate valuation of the business under consideration. That is unquestionably a critically important task, given that value relates directly to asset division.

In addition to that, of course, there are many other considerations to focus upon.

Although asset division relating to a family business during divorce can understandably be a challenging chore, a proven legal team can help a divorcing client work through the issues and fully promote personal objectives that yield an equitable outcome.

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