Legal Help in Rhode Island Business Divorces
East Greenwich Business Divorce Lawyer
One of the more challenging issues in a divorce is the handling of business interests. This could mean the division of a business owned and operated jointly by the couple, or it could be determining whether there is a valid marital claim on the assets of a business operated by only one spouse.
East Greenwich business divorce lawyer Kerry I. Rafanelli has decades of experiencing helping clients with complex property division matters in Rhode Island divorce . This includes the valuation of businesses and the division of business assets. His business divorce cases have involved businesses ranging from $2 million to $20 million .
If you have concerns about how business ownership and business assets will be handled in your upcoming divorce, call Kerry Rafanelli at 401-398-8388 or contact our law office online to schedule a consultation.
Getting an accurate appraisal of the value of a business
There are a few ways of establishing the value of a business. An appraiser, or business valuator, will look at the company's financial data and will choose a sales approach or an income approach, or the appraiser may do more than one appraisal with the goal that the most accurate value will fall between the two. In addition to looking at financial records, it may also be valuable to see how the partners handle the books. The appraiser may identify accounting errors or material facts that will affect current or future value of the business.
Securing the business during the process of divorce
If the divorce is acrimonious, there may be a concern that one of the business partners may improperly spend down business assets or divert business assets for personal gain. (This can happen with any personal asset.) Your lawyer can take your concern to the family court judge to request an injunction to prevent the "wasting of assets" of the business.
Keeping the business operational
In many cases, business-owning spouses do not want to cause financial harm to the business. They simply want to find a way for one partner to exit the business with their fair share of the assets. Protecting the continued healthy operation of the business may be vital to ensuring continued payment of child support or alimony. Mr. Rafanelli can help you explore buy-out or equity options.
Protecting your financial interests in a business
Call Kerry Rafanelli at 401-398-8388 if you are beginning a divorce that will include consideration of a business. Put 30 years of divorce experience to work to protect your financial interest in a company.