Division Of Business Assets
Toronto Family Lawyer Assisting with Division of Business Assets in Separation or Divorce
If you are a business owner or entrepreneur and are going through a separation or divorce, there are specific division of property issues you will have to address with respect to your business venture. These may be different than the division of your other significant assets, including your home, cottage or vacation property, investments, or other major possessions, and will require guidance and advice from a family lawyer with specific experience advising business owners.
Mark Feigenbaum brings together family law and litigation experience with a deep knowledge of tax law, corporate law, and other practice areas that directly affect business owners. Prior to founding his law firm, Mark worked in the cross-border tax department of an international Big 4 firm, and held accounting management positions across a variety of sectors in both Canada and the United States. As a result, Mark thoroughly understands the areas of most significant legal and financial risk for entrepreneurs. Through this multi-disciplinary approach to family law matters, Mark can more thoroughly analyze and advise on risk not only from a strictly family law perspective, but also takes into account potential business, tax, and litigation implications that may arise.
Division of Business Assets
If you or your spouse own a business together, or if one of you owns the business, that business will need to be valuated following the breakdown of your marriage.
If the business was owned prior to the date of marriage, its value on the date of marriage can be reduced or deducted from the net family property of the spouse that is the owner. If the business was still functioning and in existence at the date of separation or the date of divorce, the business will need to be valuated again. The profits from any increase in value that occurred over the course of the marriage will be divided between the couple as would any other asset.
If the business was started after you were married, that business’ value will be shared equally between the spouses, and will also require a valuation.
Contact A Knowledgeable Toronto Family Lawyer for Advice Tailored to Business Owners
If you are contemplating a separation or divorce and you are a business owner, you should consult with an experienced family lawyer with extensive tax law and business law experience right away to help protect your business in this time of great change. Mark Feigenbaum has worked in accounting, tax, and management positions and brings these unique perspectives and knowledge base to his family law practice. Speak to Mark for strategic and effective guidance and representation during your family law dispute. Contact Mark online or call him at (905) 695-1269 or toll-free at (877) 275-4792 to book a consultation.