Virginia couples who must divide a business because they are divorcing must first find out the value of that asset. A valuation analyst can perform either a full calculation or a calculation of value.
At the start of the process, a calculation of value may be sufficient. It is quicker and cheaper although it may be less thorough. The couple might be going through mediation or amicably negotiating property division, and if this is the case, they might not need a full valuation.
If mediation breaks down and the case goes to litigation or if an arbitrator is used, then the couple may need a full valuation. It is more time-consuming than a calculation of value and will cost more, but it will also be more accurate. A complex business may also need a full valuation. A couple will need to look at their situation and decide which option works for them.
People might feel they are entitled to a portion of the business even if they did not work for the company on the grounds that they supported their spouse as the business was growing. Spouses who own a business together might also have to negotiate whether they will continue to run it or whether one might buy out the other. The business might be only one aspect of property division. The couple might also own investments, real estate and other assets, and they might be happier with an approach to property division that they work out themselves rather than turning to litigation. However, if one spouse is uncooperative, litigation may be necessary. The spouse who does not run the business might be particularly concerned with securing long term financial security and may want to work toward this goal with an attorney.
