By: Daniel M. Copeland, Attorney at Law, P.A.
Many issues need to be covered during the process of
constructing a divorce settlement. Many of those issues, such as the couple’s
real estate holdings, their retirement plans, and perhaps a co-owned business,
are often too complicated for couples to handle on their own. Though the
parties may choose divorce mediation to avoid a courtroom battle, the couple
may need to bring in some experts into the mediation process to offer advice on
issues that they have little experience in.
If one of the partners wants to exit the business the couple
owns, for instance, an expert may be called in to assess what part of the couple’s
business will be considered marital property. This expert may also be needed to
assign a monetary value to the business in case both parties want to sell or
one party wants to buy the other out. Couples need to research the cost of
hiring an expert, though, because the benefit must outweigh the cost of hiring
the person.
If the couple wishes to continue to conduct business
together, they would be well advised to construct a formal business arrangement
as part of the mediation process. Since many married couples who are business
co-owners often have no formal statement outlining each person’s duties,
percentages of profits, and benefits, negotiating the settlement for such a
couple should include such a statement.
Regardless what the couple decides to do regarding their
family business or other topics, they can discuss the detail of the
arrangements during their family law mediation sessions with the help of
experts that can advise them on the best course of action. Having an evaluation
of their business or other co-owned assets can help the couple move on with
their lives. The help of experts during divorce mediation can help the couple
create a divorce settlement that benefits both parties and allows the couple to
walk away satisfied with the result.
Source: Huffington Post, Divorce Confidential: Using Experts
In Your Divorce, Caroline Choi, Oct. 24, 2013
