What assets are commonly missed when a property settlement is being determined?
When it comes to detailing the marital assets and liabilities, many people forget to include small business ventures.
You may have a home business, internet business or other venture that generates income. These businesses need to be valued and included in the joint assets and liabilities. Valuing a business of this type will always involve a degree of judgement and we recommend that a valuation be conducted. It can be surprisingly how often the value of a business can represent a large component of the net marital assets.
If you are currently separated, it’s important to try and obtain copies of as much documentation as you can in relation to these types of businesses. Examples include: bank statements, invoices, BAS Statements, Financial Statements and other correspondence. The documentation will assist in the preparation of a valuation.
If your divorce ends up in Court then the valuation can be used as evidence of the value of the business, or more commonly it will assist you and your ex partner in coming to a negotiated settlement.
If you would like more information about valuing a business as part of a property settlement then please contact us for an obligation free discussion.