Achieving a fair division of marital property and debts is one of the most important steps in the divorce process. This task can present numerous challenges in divorces involving ownership of businesses, ownership of professional practices and other complex financial issues.
At Cummings Law Firm, we work diligently to protect the assets of our clients. We have a number of financial tools at our disposal that can provide insights into valuation matters. Through a careful analysis and vigorous advocacy, we will seek the best possible property settlement for you.
To learn how we can help you, call Cummings Law Firm at 203-754-7779. We serve in Waterbury, Danbury, Torrington and throughout the region.
Complex Property Division In Connecticut
During the divorce process, marital assets and debts (that which was acquired during the marriage, excluding inheritances and certain gifts) must be identified, valued and divided.
At Cummings Law Firm, we have the knowledge and resources to address these property division issues:
- Divorces involving ownership of businesses and professional practices
- Division of pensions and retirement accounts
- Divorces involving multiple investment properties
- Art, antiques and collectibles
- High-value marital estates
- Other challenging property division issues
Valuing Businesses And Professional Practices
Placing a value on a commercial enterprise involves numerous considerations. When performing this critical task, our firm digs deep into the operations and finances of the company. We go far beyond an examination of the top-level profitability figures, looking at many factors, including the competitive position of the company, the underlying value of the real estate, and any tax liabilities and carryforwards. Our firm can retain the services of professionals who can help us understand these issues such as business valuation specialists, appraisers, and tax accountants. These experts place a realistic and fair value on the company, and they will be prepared to defend their findings in testimony if necessary.
Valuing a professional practice involves consideration of additional issues. To what degree is the revenue stream of the practice dependent on the divorcing spouse? Is the revenue stream and the income it produces, steady from year to year or are they variable? How close is the professional to retirement? Did the nonprofessional spouse make financial sacrifices to pay for the professional's education?
Attorney James Cummings will examine these and other issues when representing you. The goal will be to protect what you have worked so hard to achieve.