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property division Archives

How To Prevent Financial Devastation In A Gray Divorce

Gray divorce, the term describing couples over 50 years of age who wish to dissolve their marriage, is on the rise. In fact, the divorce rate for people over 50 doubled since 1990, and tripled for people over 65. While these couples typically do not need to address child related issues like child custody, they do face a much greater risk of drastic changes to their financial condition.

Dividing A Business In A Divorce

For many divorcing couples, the most substantial asset to be divided is a business owned by one or both of the spouses. The value of this asset, not to mention the emotional component involved in family-owned businesses and businesses that individuals built from the ground up, means that this is often a source of contention. Knowing the rules of property division as they apply to businesses can be beneficial.

Valuing A Business In A Divorce

Before a business can be divided in a divorce, it must be valued. This can be a particularly complex process, which can become even more challenging depending on the type and size of the business involved. It is critical to understand the varieties of business valuation methodology and how they work prior to moving forward.