Aaron & Aaron, Attorneys at Law
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Property division and the value of a business

Divorces can often be stressful and complicated. This is especially true when one or both spouses own a business in South Carolina. Along with other property, the business may need to be divided between the spouses. The first step in the division process will be to determine an accurate value of the business.

A complex business or the request by a third party, such as a judge or an arbitrator, for the value of the business, might mean that a full valuation is needed. This is the most accurate way of assessing the value of a business. It is also the more expensive and time-consuming option.

For couples who want the divorce process to move along more quickly and are negotiating their divorce amicably, a calculation of value might be a better choice. Although it might be less precise, not all divorces and situations will require an exact valuation.

The division of a business will take other factors besides its value into account. One thing that may be considered is the contribution of the other spouse to the business. This might take many forms ranging from working in the business to taking care of the home and children while the business owner built the company. The needs of the other spouse might also be a factor.

If the spouse who was not the business owner earned more money, they might not have any interest in claiming a portion of the business. With these kinds of variables in mind, couples may be happier with an arrangement for property division that they work out themselves with the assistance of an attorney.

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