In Minnesota, divorce courts divide property “equitably.” This that means property is divided fairly, but not necessarily equally.
For property that has high value – real estate, a business, or other investments – generally an appraiser is hired to determine the property’s value. Often the appraiser is neutral, meaning that both parties agree to the appraiser and they both agree to accept the appraiser’s determination of property value.
Certain kinds of property, including real estate, are fairly easy to value. Other kinds of property, a business, for example, can be difficult to value.
A business can be difficult to value because there are a lot of assumptions about the business and the market that the appraiser has to make. When asking the question “What would an arms-length purchaser pay for the business?” there is a lot of estimating about the future prospects of the business that can make it difficult to arrive at a specific value. Different assumptions produce different results. While a home can be compared with other similar homes that have sold in the area in the past six months, often, businesses are unique and their success is driven by the individuals who own and manage the business, as well as the nature of the business, the market for the business, etc.
If you are getting divorced and you, or your spouse, owns a business, you need to retain a divorce attorney who has experience with divorces involving businesses. Feel free to call Minnesota divorce attorney Daniel M. Fiskum and Minnetonka Family Law, P.A., at (952) 270-7700 to set up a free initial consultation. We are located in Minnetonka, Minnesota, at the intersection of Highway 494 and Highway 394, in the Carlson Towers.
Attorney Daniel M. Fiskum has experience with divorces involving businesses. He is a graduate of the University of Minnesota School of Law and has been named a Super Lawyer by the Minnesota Journal of Law and Politics. He is a member of the American Bar Association, Family Law Section, and the Minnesota State Bar Association, Family Law Section. Daniel M. Fiskum has practiced divorce law in Minnesota for over twenty-five years.