Jaskot Willer Gill LLP

What happens to my business if I separate from my spouse?

Similar to the treatment of any other asset, businesses that are owned by a spouse are assets which must be included in their net family property to calculate the equalization payment / property division required when spouses separate.  However, unlike assets such as automobiles, bank accounts, or investments, businesses often have to be formally valued by accounting professionals to determine their accurate fair market value. 

If the business is owned solely by one spouse, the value of the business represents an asset for that spouse, which will have to be factored into any…