Legal Question in Family Law in Pennsylvania

During a divorce, can the value of our business be determined by the value which was put on by the insurance policy that we had to carry on it. We have been separated for over 10 years and I want to get things finalized. The only paperwork I have is the partnership agreement we had and the insurance policy on the business which puts a value of $100,000 on it. My ex sold the business a few years ago and I had a friend of mine who owed me a favor (who was also a re-possessor and did a lot of work for the Sheriff's department) look into the matter. I have a signed note from him stating the business was indeed sold. I don't know if this means anything, but I recently looked on the state website for our business, which closed shortly after we separated, and found it being listed as still active. What does that mean and why would it be listed that way if it's been closed almost 10 years now.


Asked on 5/04/11, 2:52 pm

1 Answer from Attorneys
Justin Gearty Law Office of Justin C Gearty Jr

There are many factors taken into consideration when calculating the value of a business. That may be considered as a factor when making this determination, but very well may not be the sole determining factor. Generally, expert witnesses are called on to put a value on the business. If you don't have an attorney, I would highly suggest that you retain one. Equitable distribution proceedings are difficult, there are many procedural requirements and substantive requirements that must be taken into consideration and if this isn't done properly, you stand to loose a lot.

If you don't have an attorney and would like to discuss this further, feel free to contact me. I offer free phone consultations.

Justin C. Gearty Jr., Esquire

717-490-6325

[email protected]

http://www.geartylawoffices.com

http://www.lancasterpalawfirm.com

DISCLAIMER: This post is for educational purposes only and does not create an attorney-client relationship.

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Answered on 5/04/11, 5:22 pm


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