Businesses established and developed during the marriage are generally classified as marital property. Depending on revenues, profits, and losses, marital businesses are the most substantial assets in the marriage. 

What Kinds of Businesses Typically Come Before the Circuit Court for Baltimore County? 

 

This list includes the different kinds of businesses that come before the Circuit Court for Baltimore County during absolute divorce proceedings when marital property is identified, valued, and distributed based on equitable principles:  

• Dental Practices 
• Domestic Business Organizations 
• Foreign Business Organizations 
• Franchises 
• Insurance Agencies 
• IT Consultancies
• Limited Liability Corporations 
• Limited Partnerships 
• Liquor Licenses 
• Liquor Stores 
• Marinas
• Medical practices
• Partnerships
• Real Estate Investment Companies 
• Tax preparation Agencies
• Tool and Dye/Fabrication 

The Valuation of Marital Businesses in Baltimore County 

What is a Business Valuation in the Circuit Court for Baltimore County? 

Business valuation is an intricate process. There are factors beyond revenues, gross sales, revenue trends, location, profits, and losses.

What is Professional Goodwill in Maryland Family Law? 

Professional Goodwill is acquired over time and refers to the reputation of a business, repeat customers, the benefit that a business has as the result of retaining a skilled workforce (that does not need to be trained again), the cumulative effect of advertising to give a company its name in the community.

How do you determine the value of a business at the Merits Trial? 

Expert witnesses, such as forensic accountants, professional business appraisers, and commercial real estate appraisers, are often necessary to determine the value of business assets. 

If you have business interests whose value is not obvious (they are almost never obvious), then you must retain expert witnesses. If you fail to do this, then you get nothing, and nobody will give you anything because you were "caught off guard" or "unprepared."  

Are all businesses marital property?

No. It might matter if the business was established before the marriage or excluded from the marital estate by a valid premarital agreement. Things also get complicated when the businesses are "family businesses" or when there are complex business partnerships. 

 

Protect Yourself By Retaining a Top Towson Divorce Lawyer & Family Law Firm.

Contrary to what you might think, there are ways in which business owners can protect themselves from the harsh realities associated with divorce. One thing owners can do is take inventory and understand precisely what is at stake. Then, whether via a judge's ruling or an agreement, you and your soon-to-be ex will reach a monetary determination concerning your spouse's claim to business interest.

That is why you need to clearly understand that value as soon as possible once you know that divorce is inevitable. Business interest values can vary based on your size and type of business, your experience and skill level, and data related to similar or comparable companies that have been sold.

It is also essential for business owners to ensure their books are in order. This is especially important in the case of divorcing business owners because their business and personal financials will be closely reviewed.

That said, business owners in the mid proceedings are encouraged to work with knowledgeable lawyers who can adequately review and advise how their business records may be construed.

Having a reliable and trustworthy Towson Family Lawyer. by your side as you try to protect your interest can be invaluable in the long run. However, the claim that your spouse can make against your business interest may be more extraordinary (or lower) than you expect. That is why it is wise to gain some perspective on the possibilities during the early stages of the divorce.

Call 410-321-4994 For a Free Consultation With Towson Divorce Lawyer Amar S. Weisman.

Please Call (410) 321-4994 to schedule a Free Consultation. The purpose of the consultation is to decide whether you want to hire Amar S. Weisman. To obtain legal services, you must pay a retainer, see Policy on Fees/Costs. The law firm is next to The Circuit Court for Baltimore County at 1018 Dulaney Valley Road, Towson, MD 21204. We represent clients throughout the Baltimore area, including Aberdeen. Abingdon, Bel Air, Bowleys Quarters, Catonsville, Cockeysville, Edgewood, Essex, Lutherville, Owings Mills, Parkville, Perry Hall, Rosedale, Sparrows Point, Timonium, Towson, Westminster, and White Marsh.