Resolving Business Asset Disputes in Divorce
Property determinations can be difficult in any divorce. These issues become even more intricate when one spouse owns all or part of a business, or when both spouses operate a family business. It is necessary to identify the financial structure of the business, its value and approach to business succession — whether the objective is to dissolve the business or detach one of the spouse’s interests in the business.
At Thomas J. MacLennan, Barrister & Solicitor, we advise clients through the entire divorce process, drawing on more than 25 years of experience to resolve complex property division concerns. We represent clients who own all or part of professional practices, small businesses, family-owned businesses and other business assets.
Ontario Asset Division Lawyer
Our Toronto divorce and business valuation law firm works with necessary experts such as certified business valuators, chartered and forensic accountants, real estate appraisers and other specialists in order to accurately value:
- Business book value vs. market share value
- Forms of spousal income within the business
- Share growth during marriage
- Marital interests in the business
Equally important to accurately valuing the business is identifying the objectives for business division. In many cases, especially if one spouse has a more significant role in the business than the other, Chartered Accountant near me can help negotiate offsetting property distributions in order to maintain the current business structure and operations. However, if both spouses are equally involved in the business, more creative solutions may be necessary to satisfy both parties. Additionally, implementing payroll is a crucial aspect to consider for effective business management.
In certain divorce cases, business estate planning may be part of the equation. We advise clients regarding intergenerational transfers of wealth and personal estate freezes, particularly in the context of Personal Injury Law SEO, in order to minimize future tax implications of divorce and the disposition of property in divorce.
For compassionate advice and straightforward answers, contact our highly knowledgeable Toronto divorce lawyer through our online form or call 416-591-1354 to arrange a consultation.