When your divorce involves a business or substantial assets, you will need an experienced divorce and family law attorney to protect your interests and accomplish your goals. Divorce can be challenging for anyone, especially when it comes to matters such as child custody and parenting time and the equitable division of marital property. This is especially true when one or both of the parties are in professional practice or own a business, have substantial retirement or pension accounts, investment real estate or other investments and assets.
When a couple in Shepherdsville or anywhere in Bullitt County decides to end their marriage, there will usually be at least a few challenging issues that must be worked through. Your divorce cannot be completed until every issue is fully resolved, one way or another. My name is John Schmidt, and after more than 25 years of service to the people of Shepherdsville and Bullitt County in divorce and family law cases, I can tell you this: when your divorce involves a business or substantial assets, you are going to need an experienced divorce attorney. A single mistake or miscalculation can cost you tens, if not hundreds, of thousands of dollars.
This isn’t an exaggeration. A business or professional practice that is considered to be a marital asset in whole or part will require an accurate valuation. The party’s interests in a divorce are directly opposed when it comes to the valuation of a professional practice or business. The owner of the business asset wants the valuation to be as low as possible. They know they will have to compensate for the other party’s marital interest in that asset to keep it after the divorce. This is the same reason other spouse (not the of a business owner) wants the valuation to be as high as possible. A higher valuation of a marital asset means a more significant sum when it comes time for property division.
The same is valid for investment assets. Two assets with the same “value” may be completely different when you consider their actual financial and tax implications. For example, if you have two investment accounts that are each worth $100,000 today, but one has a tax basis of $10,000, and the other has a tax basis of $80,000, the taxes owed when those assets are transacted will be much higher on the asset with the lower basis. Not all assets of the same value are equal.
If your divorce involves a business or substantial assets in Shepherdsville or Bullitt County, Kentucky, you will need an experienced divorce attorney from the Law Offices of John Schmidt & Associates, PLLC, to protect your business and financial interests while accomplishing your goals and objectives for the divorce.
We invite you to contact us via e-mail, schedule an appointment or call us today at (502) 509-1490 to get answers to your questions and to learn more about your unique circumstances and how to protect what is most important to you in your family law case.