S8 Ep58: How Is a Family Business Handled in Divorce?

#ChooseGoldman If a family business is part of your divorce, understanding how its value is handled is crucial. This discussion covers how Michigan courts determine what portion of a business is a marital asset and the methods used for fair distribution. • A business started during the marriage is considered a marital asset that must be divided. • For a business owned before the marriage, the increase in its value during the marriage can be a marital asset. • Courts typically will not force the sale of a family business but will have its value professionally appraised. • A non-owner spouse's share is often paid out by offsetting it with other marital property, like the house or cars. • If the business has lost value, there is no asset to divide, and no cash distribution will be made from it. Download Divorce & Custody Survival Guide. Click here: https://akivagoldman.com/free-legal-ebook/ Schedule Your Complimentary Phone Consultation: https://app.acuityscheduling.com/schedule.php?owner=17105687&appointmentType=18529428 For more information: https://akivagoldman.com/michigan-divorce-lawyer For additional information, watch these videos: What Happens To a Business In a Divorce? - https://www.youtube.com/watch?v=YKmGbmNuHmA How to Handle Divorce as a Business Owner? - https://www.youtube.com/watch?v=TIIoAfqUfxo Visit us at ChooseGoldman.com #Goldmanandassociateslawfirm #ChooseGoldman #ChooseGoldmanLaw #MichiganDivorce #FamilyBusiness #BusinessValuation #AssetDivision