{"id":406,"date":"2017-11-21T05:00:43","date_gmt":"2017-11-21T13:00:43","guid":{"rendered":"https:\/\/www.arwanilawfirm.com\/?p=406"},"modified":"2017-11-20T12:54:39","modified_gmt":"2017-11-20T20:54:39","slug":"evaluating-a-business-practice-during-divorce","status":"publish","type":"post","link":"https:\/\/www.arwanilawfirm.com\/evaluating-a-business-practice-during-divorce\/","title":{"rendered":"Evaluating a Business Practice during Divorce"},"content":{"rendered":"

One of the most critical financial steps taken during divorce<\/a> is evaluating the business that one or both spouses were a part of, especially when it comes to partnership or a group practice, such medical offices, since physicians usually partner up with other physicians.<\/p>\n

Ultimately, a lot comes down to what each side\u2019s expert evaluates the practice as being worth. Your attorney will want to fight to ensure that the best evaluation possible for you is what stands up in court. Below, we discuss some of the important aspects of evaluating the practice when one or more physicians are involved in a divorce.<\/p>\n

Accounting For the Financial Details<\/strong><\/p>\n

As part of this process, it is crucial that you and your divorce attorney work with a forensic accountant who has very specific experience in evaluating different types of businesses. A forensic accountant not only evaluate financial assets (such as accounts, equipment, lease, furniture, etc.), but also any liabilities that the business\/practice incurred, such as those associated with insurance, taxes, retirement plans, loans, etc. Ultimately, the accountant is there to help ensure that the divorcing partner receives their fair share of income from the business. In addition, when it comes to high asset divorces and partnerships held by the couple and third parties, it is important to keep all partners outside the marriage notified of the divorce proceeding. There are major complexities involved in the valuation of all business entities \u2013 corporations, partnership, or sole proprietorship. Even with a simple solution such as a buyout, involving a forensic accountant in the early stages of the process should be considered, especially if you have not been involved in the daily running of the business, don\u2019t have clear understanding of the family\u2019s financial affairs, and have suspicions that your spouse is either hiding or transferring the marital assets.<\/p>\n

Important Questions<\/strong><\/p>\n

There are also a number of important questions that you and your family attorney should be asking if a business entity is being evaluated in the divorce, such as:<\/p>\n