Business Asset Division Lawyer New Kent County — Protecting Your Business in Divorce
Dividing a business in a New Kent County divorce is governed by Va. Code § 20-107.3, the equitable distribution statute personally amended by Mr. Sris. A business asset division lawyer New Kent County from Law Offices Of SRIS, P.C. can help protect your company’s value. We have 11 documented case results in New Kent County. Call (888) 437-7747 for a 24/7 consultation.
Last verified: April 2026 | New Kent County Circuit Court | Virginia General Assembly.
Virginia Law on Business Asset Division
In Virginia, a business owned by one or both spouses is considered marital property subject to equitable distribution if it was acquired, improved, or increased in value during the marriage. The court must classify the business as separate, marital, or hybrid property before determining a fair division. This process is defined under Va. Code § 20-107.3 (official Virginia General Assembly). The New Kent County Circuit Court handles all equitable distribution matters, including complex business valuations.
Local Court Process for Dividing a Business
In New Kent County, dividing a business asset requires specific steps in Circuit Court. The court often orders a business valuation by a neutral forensic accountant. The valuation date is critical and is typically the date of the last separation or the date of the evidentiary hearing.
- File a Complaint for Divorce stating a business interest exists.
- Disclose all business financial records through discovery.
- Retain a business valuation experienced if the value is disputed.
- Attend a settlement conference to negotiate a buyout or division.
- Present evidence at an equitable distribution hearing if no agreement is reached.
- The court issues a final order defining each party’s share and transfer terms.
Potential Outcomes and Considerations
In New Kent County, dividing a business asset can result in a buyout, continued co-ownership, or sale, with the value offset by other marital assets.
| Business Type | Common Classification | Valuation Method | Division Approach |
|---|---|---|---|
| Closely Held Corporation | Marital or Hybrid | Asset, Market, or Income Approach | Buyout by operating spouse |
| Sole Proprietorship | Marital | Value of Goodwill & Assets | Offset with other property |
| Professional Practice | Marital (Goodwill) | Excess Earnings Method | Payment plan over time |
| Family Business (Pre-marital) | Hybrid | Trace Separate Investment | Reimbursement for marital contribution |
Results may vary. Prior results do not guarantee a similar outcome.
Why Choose Our Firm for Business Asset Division
Founded in 1997 by former prosecutor Mr. Sris, Law Offices Of SRIS, P.C. brings over 120 years of combined attorney experience to complex financial divorces. Mr. Sris personally amended Virginia’s equitable distribution statute, Va. Code § 20-107.3, giving our firm unique insight into the legislative intent behind business division laws. We understand that a business is often a client’s largest asset and work to protect its operational continuity and value.
Case Results and Client Focus
Our firm has 11 documented case results in New Kent County across all practice areas. In business division cases, favorable outcomes often involve negotiated settlements that allow the business to continue operating while providing fair compensation to the non-owner spouse. Mr. Sris, the firm’s founder, leverages his background in accounting and information systems to dissect complex business finances.
Results may vary. Prior results do not guarantee a similar outcome.
Business Asset Division Lawyer Near Me New Kent County
Our Richmond location serves clients in New Kent County. We are accessible via I-64 and represent clients at the New Kent County Circuit Court at 12001 Courthouse Circle. We serve the communities of New Kent, Providence Forge, and Quinton.
Law Offices Of SRIS, P.C. — Richmond
7400 Beaufont Springs Dr Suite 300 Room 359, Richmond, VA 23225
Toll-Free: (888) 437-7747 | Local: (804)201-9009
By appointment only. 24/7 phone consultations.
Frequently Asked Questions
How is a business valued in a Virginia divorce?
It depends. Courts typically use a forensic accountant who may apply the asset, market, or income approach. The valuation date is usually the date of the last separation or the final hearing. Professional goodwill may be included if it is marketable.
Can my spouse get part of my business if I owned it before marriage?
Yes, but only for the increase in value during the marriage attributable to marital efforts. Your spouse is not entitled to the value the business had on the wedding date, but may share in the appreciation.
What if we both work in the family business?
It depends on your roles and ownership. The court will value the entire business as marital property. One spouse may buy out the other’s interest, or you may continue co-ownership with a detailed operating agreement. The goal is to ensure a fair division without destroying the business.
Is an affordable business asset division lawyer New Kent County available?
Yes. Law Offices Of SRIS, P.C. offers clear fee structures and payment plans for business division cases. The cost depends on the business’s complexity and whether valuation is contested. An initial consultation can provide a clearer estimate.
Can I avoid selling my business in a divorce?
Yes. Common solutions include a buyout using other marital assets (like retirement accounts or home equity), a payment plan to the spouse over time, or in some cases, continued co-ownership with a formal agreement. A skilled business asset division lawyer New Kent County can help negotiate these options.
For more information on court procedures, visit the Virginia Court System website.
Internal Resources: Learn more about Virginia family law. For related legal needs, see our pages for criminal defense in New Kent County and DUI defense in New Kent County.
Last verified: April 2026. Laws change — contact Law Offices Of SRIS, P.C. at (888) 437-7747 for current guidance.