Toronto Family Lawyer Assisting with Division of Business Assets in Separation or Divorce
Business owners and entrepreneurs going through a separation or divorce face particular issues regarding the division of property. Dividing business assets involves different legal and financial considerations than other family property and requires the guidance of a family lawyer experienced in advising business owners.
Feigenbaum Consulting combines family law and litigation experience with an understanding of accounting, taxes, and corporate law. Prior to founding the firm, Mark Feigenbaum 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 and business owners. Feigenbaum Consulting thoroughly analyzes clients’ risks in family law matters while taking into account all potential business, tax, and litigation implications.
Division of Business Assets
When a married couple separates, any business owned by one or both spouses must be valuated as part of the property division process.
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 owning spouse. 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.
If the business was started after the start of the marriage, it must be valuated and the value will be shared equally between the spouses.
Contact Feigenbaum Consulting in Toronto for Personalized Family Law Solutions for Business Owners
Feigenbaum Consulting helps clients protect their business interests and financial stability during a separation or divorce. Mark Feigenbaum and his team offer an unparalleled, multi-disciplinary approach to family law matters that incorporates all legal, accounting, tax, management, and business considerations.
Located just north of Toronto in Thornhill, Feigenbaum Consulting provides strategic, dynamic legal solutions to clients in Canada, the United States, and across the world. To book a consultation on your family law matter, please reach out online or call (416) 777-8433, or toll-free at (877) 275-4792.