If you own a business or a farm, you pour your heart and soul into making it thrive. These aren’t just assets or sources of income; being a small business owner or farmer is a way of life. When that way of life is disrupted by divorce, determining the value of business and farm assets can become a central issue in the proceedings. Arriving at the proper valuation of these assets and determining how to allocate the value between the parties in a divorce involves more than just the law. Complex accounting, finance, tax, and agricultural issues – not to mention the deep emotional attachments involved in a business or farm that may have been in the family for generations – make it crucial to have an attorney who is prepared and knowledgeable about the unique and complicated process of accurately valuing business and agricultural assets.
At Simpson Legal Group, LLC in Council Bluffs, we understand the complexities involved in farm and business valuation. We also know how important it is to work with a team of highly trained professionals to prepare appraisals and assessments that truly reflect the value of the assets at issue so that our clients get all they deserve for their interest in those assets.
When a divorce involves a family farm, it’s not just one asset that needs to be properly appraised. The land, the structures and improvements, owned and leased equipment and machinery, crops, and livestock – determining how much each of these assets are worth while also taking into consideration depreciation, futures contracts, and other matters is not something that can be done without experience and specialized training. Over the 20 years we have been involved in divorce proceedings involving business and farm valuations in the Council Bluffs area, we have developed strong relationships with respected experts in multiple disciplines who assist us and our clients with business and farm valuation matters.
While there are common issues involved in all business and farm valuations, we take an individualized approach to each case; an approach that reflects the unique circumstances of your marriage and the particular history of your business or farm.
Often, disputes over business and farm assets involve the issue of whether one spouse has any interest in them at all. Whether a business or farm or any share of them is marital property or separate property, and whether a non-owner spouse can claim that they are owed a portion of their value, can be a tricky legal question. How that issue is resolved can turn on the ability of your lawyer to develop and present the strongest possible case to advance your position.
If you are getting divorced or anticipate divorce, it is vital that you have experienced counsel to help guide you through this journey. If there is a business or farm in your family, seasoned legal representation is even more important. Please call Simpson Legal Group, LLC at (712) 256-9899 to arrange for a consultation. We look forward to assisting you.