Preserving the Family Business
Having a family owned business involved in a divorce case can make the case more complex.
For this reason, it is very important to have an attorney who is familiar with the protections offered by the Court in this type of situation. Preserving the family owned business can take some effort.
In some cases, we find that the parties are simply unable to work together given their pending divorce. The Court does offer some protection.
- The Court has the ability to assign temporary possession of the business to one of the parties or to appoint an independent trustee to operate the same.
- Valuing a family owned business in a divorce case can also require additional effort.
Normally, you will find that it is necessary to retain a business valuation expert.
There are multiple organizations in the Western Pennsylvania area that provide this service and that have testified before the domestic Courts. If you do retain a business valuation expert, it is important to make certain that you retain an organization that is familiar with the domestic laws and has experience in providing expert testimony.
If you have questions concerning the complications of a family owned business and divorce in PA, call our office at 724-836-3300 or visit our contact page.