Is My Business an Asset in My Pennsylvania Divorce?
The answer — like most answers to legal questions — is maybe. While the question of whether a business is an asset in a Pennsylvania divorce case may seem like a simple one, it is a complex issue with many layers. The initial inquiry is whether the business is an asset of the marriage. Factors such as when the business was started and the ownership structure of the business have an impact on that determination.
A secondary, and many times more problematic issue, is what is the value of the business for purposes of Equitable Distribution? In determining the “marital value” of the business, Pennsylvania courts have to consider the value of “personal goodwill” and “enterprise goodwill” which are intangible qualities that aren’t as easily measured as things like capital assets and accounts receivable. If you or your spouse own a business, contact Colgan & Associates, LLC to discuss the important considerations related to that business in your Pennsylvania divorce either by means of mediation services or traditional divorce and court.