Arizona law requires the equitable division of community property and jointly owned property. Even in cases where the property is the sole and separate property of one spouse, the law in certain instances recognizes that the other spouse may have an equitable interest in the property for any increase in value attributed to the finances or effort of the marital community during the marriage. Generally, equitable division requires an equal division, though there are certain exceptions where an unequal division may be most equitable or fair.
In many divorce or legal separation cases, one or both parties own a business, medical practice, or other professional practice. Generally these businesses or practices were started and built during the marriage, though in some cases the business was started prior to the marriage and has increased in value during the marriage.
In each such case, both spouses have a legal and/or equitable interest in the business, and the value of the business must be equitably divided as part of the divorce case. Often, the business will need to be valuated or appraised. There are many issues that arise including the type of appraisal, the date of the appraisal, whether the appraisal includes the goodwill value of the business or only the tangible assets, etc.
These are complex cases, in which an experienced and knowledgeable attorney is imperative. If you are contemplating a divorce, or are already involved in a divorce, and you would like to speak with an attorney who has handled many complex divorce cases involving the division of businesses, please call McGuire Gardner today for a free initial telephonic consultation. Call us at (480) 829-9081, or visit us at www.YourArizonaDivorceLawyer.com.