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Closely Held Businesses in Divorce

Divorce can be more complex when one or both spouses own a business. For many families, a closely held business is not just a source of income but also a major asset that must be addressed during property division. An experienced divorce lawyer can help ensure that dividing business assets is handled fairly and strategically.

I am attorney Michael Haskell, and from my office at Haskell Law, PC, I bring over 20 years of legal experience to every case. In addition to being a seasoned attorney, I hold a Master of Business Administration (MBA) and have a background in public accounting. These skills allow me to provide practical solutions in financially complex divorces, including cases involving closely held businesses. I am based in Grand Rapids, Michigan, and focus on helping business owners protect their financial interests during divorce proceedings.

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How Is Business Valuation Done In Divorce Cases?

One of the first steps in addressing a closely held business during divorce is determining its fair market value. Courts in Grand Rapids, Michigan, require accurate valuations for equitable property division. Business valuation involves reviewing:

  • Financial statements and tax records; 
  • Assets and liabilities of the business;
  • Market conditions and industry outlook; and
  • Future earning potential.

A precise valuation is the foundation for fair property division and helps prevent disputes later.

How Is The Division Of Business Assets Done?

Common approaches include:

  • One spouse buying out the other’s interest;
  • Selling the business and dividing the proceeds; and
  • Continuing co-ownership if both parties agree.

Each option carries legal and financial considerations. As your divorce lawyer, I can help you assess which path best protects your rights and long-term business interests.

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How To Protect A Closely Held Business In A Divorce

For business owners, protecting assets is a priority. Strategies to safeguard a closely held business in a divorce may include:

  • Premarital agreements;
  • Buy-sell agreements; and
  • Careful structuring of ownership shares.

However, even without prior planning, there are legal tools available to limit disruption to the business.

If you are a business owner facing divorce in Grand Rapids, Michigan, the right legal representation is crucial. As your dedicated attorney, I can help with business valuation, division of business assets and strategies to protect your interests.

For more information about closely held businesses from the trusted attorney at Haskell Law, PC, please contact us here or call us directly at 616.266.3076.