Nashville, TN family law attorney Anne Hamer talks about how divorce impacts a closely held business. When a family-owned business or a business with several partners is involved in a divorce, its value must be assessed. The business may have been valued recently, or there may have been a sale offer. Values can be derived from various sources, but typically, a forensic accountant is hired to evaluate the business.

The forensic accountant examines profit and loss statements, accounts receivable, and all aspects of the business. Sometimes, a specialized accountant is required, depending on the type of business, such as construction or a restaurant, to ensure accurate valuation. The objective is to keep the business intact as an income-producing entity for both parties during and after the marriage. Although the business remains a single entity, its value must be divided between the parties if it was established and grew during the marriage.