16 Sep Businesses and Community Property
A business or professional practice can also be community property and must also be considered in the division of property. Probably the most difficult aspect of determining the value of a business or professional practice is the valuing of “goodwill”. Goodwill is the intangible value that most businesses have based on their name or reputation. Even a business that cannot be sold has a goodwill value, which must be ascertained when the couple divorces. Again, having a qualified Family Law attorney on your side in a case like this is crucial, because he will bring in a CPA or business appraiser to review the books and business records and report an accurate value.