Which professionals do I need and in what order?
February 13, 2014 8:15 AM Subscribe
I need a lawyer, a tax accountant, and a small business valuation service. Who do I hire and in what order?
I'm in the process of divorcing and I need to engage the services of a divorce lawyer (see my previous question, the reason for the delay is complicated). I also need to hire someone who can complete a valuation on the small business in which I am a director, as I will be bought out in the coming months. The complication that we've encountered is that the shares that my husband and I own are considered marital property and will be split 50/50 (of the 1000 shares issued, I own 190 and he owns 300, so I would end up with 245 instead). The valuation has to be completed before the divorce can proceed. There are also tax implications that are more complex because I am a dual citizen (Canada and the US). I am in Calgary and the business is elsewhere in Alberta.
My question is this: who do I need and in what order? I know I need a lawyer and a valuation service. I may be able to find a valuation firm that has tax accountants as well, based on my initial research. But can I go straight to the valuation and then find a lawyer afterwards, or does everything need to happen at the same time?
And finally, I know I can't afford not to hire these professionals but I'm not in a position to comfortably pay for them either. I've never hired a lawyer before. Any tips on how to make this the least painful on my bank account?
I'm in the process of divorcing and I need to engage the services of a divorce lawyer (see my previous question, the reason for the delay is complicated). I also need to hire someone who can complete a valuation on the small business in which I am a director, as I will be bought out in the coming months. The complication that we've encountered is that the shares that my husband and I own are considered marital property and will be split 50/50 (of the 1000 shares issued, I own 190 and he owns 300, so I would end up with 245 instead). The valuation has to be completed before the divorce can proceed. There are also tax implications that are more complex because I am a dual citizen (Canada and the US). I am in Calgary and the business is elsewhere in Alberta.
My question is this: who do I need and in what order? I know I need a lawyer and a valuation service. I may be able to find a valuation firm that has tax accountants as well, based on my initial research. But can I go straight to the valuation and then find a lawyer afterwards, or does everything need to happen at the same time?
And finally, I know I can't afford not to hire these professionals but I'm not in a position to comfortably pay for them either. I've never hired a lawyer before. Any tips on how to make this the least painful on my bank account?
Best answer: Personally, I'd just get a lawyer and task the lawyer with engaging the valuation firm. I would expect the costs of the valuation firm would be split between you and your husband.
It should not be a complicated horse and cart situation. Just find a good divorce lawyer who is familiar with divisions of privately held businesses. It's really not uncommon.
Good luck.
posted by Admiral Haddock at 8:27 AM on February 13, 2014 [1 favorite]
It should not be a complicated horse and cart situation. Just find a good divorce lawyer who is familiar with divisions of privately held businesses. It's really not uncommon.
Good luck.
posted by Admiral Haddock at 8:27 AM on February 13, 2014 [1 favorite]
Response by poster: Perfect, glad it's not as complicated as I thought it might be. Calling on lawyers with valuation experience now for a consultation (wasn't aware that there was crossover). Thanks!
posted by sockless at 8:40 AM on February 13, 2014
posted by sockless at 8:40 AM on February 13, 2014
This thread is closed to new comments.
posted by unreasonable at 8:25 AM on February 13, 2014 [1 favorite]