The Value Of My Business Has Plummeted In The Middle Of My Divorce. What Do I Do?

The Value Of My Business Has Plummeted In The Middle Of My Divorce. What Do I Do?

Dear Attorneys,

I am in the middle of a pretty heated divorce. I also own a business, which I had valued earlier in my case. However, now the value has plummeted due to the COVID-19 health crisis. I have lost so much revenue, and I can’t imagine that I can agree to the settlement we negotiated originally. We haven’t come to an agreement yet. Is there something I can do?

Sincerely,

Closing My Doors

 

Dear Closing,

That is a valid concern for so many business owners, and we are sorry to hear that you’re experiencing this. Luckily, you have not entered your final agreement yet. You may be able to re-negotiate those terms, however it might require yet another business valuation to prove the significant loss in value.

Had you reached a final settlement, you may have grounds to modify that agreement due to your significant change in circumstances. Right now, if for any reason you can’t reach an agreement that works for both you and your spouse, you can always schedule a pre-trial to help work toward a settlement, or, if you’re already past that, you may need a trial date. It’s important to remember that you should never enter into an agreement if you are uncomfortable with it.

Looking to make your divorce easier, not harder?  More civilized and less stressful? Choose Wolf & Shore Law Group. Attorneys Kristen Wolf and Shari Shore are both tenacious enough to protect your best interest and compassionate enough to help get you through a difficult dissolution. Ever argue with a woman? Let Wolf & Shore Law Group go to work for you. Call us at 203.745.3151 or email us at info@wolfandshorelaw.com.

Very Truly Yours,

Wolf & Shore Law Group

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