Our economic growth in America can be greatly contributed to small businesses. As a matter of fact, you may be an entrepreneur yourself, or at least thought of running your own small business. Whatever the case, small businesses need big planning.
The valuations of small businesses (or the subsequent buyout of a business by a spouse) are issues that create significant litigation and conflict in contested divorce matters. Even support calculations depend upon reliable figures for business revenue and cash flow.
It is imperative for small business owners to have a succession plan in place, as well as an up to date will and estate planning. There are many steps that business owners can take (including tax planning and income documentation) that can ease the pain of a divorce later on. Planning out today saves a potential headache tomorrow.