Divorce Lawyer in Las Vegas
The Value of Marital Owned Businesses
If you or your spouse owns a business, there are a number of additional issues that must be resolved before your divorce case can be concluded. An experienced divorce lawyer in Las Vegas knows that establishing the valuation of the business or businesses involved in your divorce case is an absolutely critical first step.
Las Vegas divorce attorneys
, Jennifer V. Abrams, Vincent Mayo and Brandon Leavitt have extensive experience utilizing complex business valuation reports for their clients. Their experience ensures your best interests are always protected.
Professionals who specialize in determining the value of a business according to generally accepted methodologies are known as Business Valuators. These professionals will often use multiple techniques to conduct a detailed inspection of the business and provide a written report of their findings. In order to value a business, business valuators gather a wide variety of documents related to the business and its operations. Documents such as bank statements, tax returns, inventory reports, financial statements, accounts receivable and payable reports, and other documents are used to determine valuation.
Business valuators who are retained by your divorce lawyer in Las Vegas will also assign a value to any intangible assets owned or controlled by the business. The value of intangible assets such as patents, trademarks, and intellectual property rights is often a large part of the valuation of businesses in the technology and entertainment industries. Additionally, business valuators will consider the earnings history of the business, current market trends in the industry, and the competitive environment. If the business owns any real properties, their value will be appraised and included as part of the overall business valuation.
After a comprehensive analysis of the financial documentation is completed, a detailed report is produced and provided to your divorce lawyer in Las Vegas. Business valuators may value a business using different valuation methodologies including investment value, buyout value, book value, and cash value.
Assigning a value to a business can be a very challenging exercise. Reputable valuators may each come to different valuations based on a number of factors. While it's unlikely for multiple valuators to come to the exact same valuation, the professional opinion of experienced business valuators will typically fall in the same range.
It's common practice for the divorce attorneys in Las Vegas representing both you and your spouse to be in agreement on the party that is selected to produce a business valuation. If such an agreement does not exist among the divorce attorneys representing each party, either party is able to seek the opinion of a second business valuator. Learn more about Business Valuators from a family law attorney in Las Vegas
Legal, Medical, Consulting, Accounting, Engineering, and Other Professional Practices
Many professionals such as doctors, attorneys, accountants, real estate brokers, chiropractors, etc. own and operate their own professional practice. Professional practices are valued differently than other businesses and require an experienced business valuator to establish an accurate valuation.
Aside from real estate holdings, professional practices generally do not possess many physical assets. An experienced divorce lawyer in Las Vegas knows that most of the value of these practices is derived from "goodwill." Goodwill is a way of valuing the reputation of the practice to continue operations and maintain a means to generate income.
Goodwill is Often Closely Tied to the Professional Practice Owner
There is often a direct link between the goodwill value of a professional practice and its owner. That link is even stronger for sole practitioners, whose hourly labor is required if the business is to generate any revenue.
The State of Nevada treats the value of a professional practice, including its goodwill, the same way it treats any other asset. As a result, the value of the practice is included when you and your spouse divide the marital assets and debts.
"I turned to Attorney Leavitt when my case changed course from what I thought was going to be an amicable divorce to a high conflict divorce. He immediately displayed complete understanding of Nevada divorce law and advised me appropriately on all aspects, both my strengths and weaknesses, of the case. He immediately implemented his strategy changing the course in which my case had initially been headed. Through it all he displayed the utmost professionalism and ethics using both my time and resources (money) in ways that would only benefit my case. I highly recommend him to anyone. He is a straight shooter who will listen, work hard, and most importantly look out for your best interests legally. A big thank you to him and his team."
- Eric A.