Achieving equity in marital property division in Michigan should be a concern of yours. Your spouse has no right to hide assets from you, and you have a right to common property. Some spouses have a business to consider during their divorce. The unique conditions of their relationship, the business and its value come into play. A business is either separate property or a joint venture that two people share. Valuing a business can be hard in a divorce.
How to achieve a fair settlement
When marital property division is equitable, both spouses receive what they believe to be a fair share of assets. This comes down to what they know, believe or accept regarding value. In the same manner that a house has a specific price, businesses do too. The concerns of valuing a business during a divorce stem from ownership. A business you shared with your spouse may have sentimental value, but you must decide how to split it if dividing it is necessary.
One spouse buys the other one out
Some cases are handled when one person is willing to pay his or her ex-spouse for his or her business share. What spouses agree on is ultimately what stands. However, a business appraisal can establish a market value in terms of an exact sum. This gives one spouse the option of dividing the value of his or her business in half and paying his or her spouse that amount. Having confidence in marital property division is only possible when you both agree on what’s worth what.
Marital property division in Michigan
Fairness is the core concern most have when valuing a business. These concerns are justified as divorcing spouses need to determine how they will split their property, including a business. Staying involved in a business with your spouse may, otherwise, be impractical.