Henrico County Business Asset Division Lawyer — How Is Your Business Valued?
Dividing a business in a Henrico County divorce is governed by Virginia’s equitable distribution law, Va. Code § 20-107.3. The court must classify the business as marital or separate property and determine its fair market value. Law Offices Of SRIS, P.C. provides full representation for business owners facing asset division.
Virginia Law on Business Asset Division
In Virginia, a business owned by one or both spouses is subject to division during divorce under the equitable distribution statute, Va. Code § 20-107.3. This law, personally amended by Mr. Sris, requires the court to classify all property as either marital or separate. A business started or acquired during the marriage is typically marital property. The court must then assign a value to the marital portion of the business before deciding how to divide it fairly—not necessarily equally—between the spouses.
Last verified: April 2026 | Henrico County Circuit Court | Virginia General Assembly
Official Legal Resources
For the full text of Virginia’s equitable distribution law, refer to the official Va. Code § 20-107.3 on the Virginia Legislative Information System. Henrico County family law cases are filed at the Henrico County Circuit Court.
Handling Business Division in Henrico County Court
In Henrico County Circuit Court, dividing a business asset requires specific steps. The process often starts with discovery, where financial records are exchanged. A forensic accountant or business valuation experienced is frequently needed to determine the company’s fair market value. The court will consider factors like when the business was founded, each spouse’s contributions, and whether it is the primary income source. An experienced business asset division lawyer near me Henrico County can guide you through this.
- Gather Documentation: Collect business tax returns, profit/loss statements, bank records, and ownership agreements.
- Secure a Valuation experienced: Hire a qualified business appraiser to determine the company’s fair market value.
- Classify the Asset: Work with your attorney to argue what portion of the business is marital versus separate property.
- Explore Settlement Options: Negotiate a buyout, continued co-ownership, or offset with other marital assets.
- Prepare for Court: If no agreement is reached, present the valuation and arguments for division to the judge.
- Finalize the Division: The court will issue an order detailing how the business interest is to be divided or compensated.
Potential Outcomes in Business Division
In Henrico County, dividing a business asset in divorce can result in a buyout by one spouse, an award of offsetting assets, or in some cases, an order to sell the business and split the proceeds.
The primary goal is to reach a fair division that considers both parties’ interests and financial futures.
Why Choose Our Firm for Your Case
Law Offices Of SRIS, P.C. was founded in 1997 by former prosecutor Mr. Sris, who personally amended the very Virginia equitable distribution statute (Va. Code § 20-107.3) that governs business division. With over 120 years of combined attorney experience and more than 4,739 documented case results firm-wide, our team brings deep knowledge to complex financial divorces. We have a documented 100% favorable outcome rate for family law cases in Henrico County. Our affordable business asset division lawyer Henrico County approach focuses on clear strategy and strong advocacy.
Documented Case Results
Our firm has a record of achieving positive results in complex family law matters. In Henrico County, we have 21 total documented case results across all practice areas with a 100% favorable outcome rate. These results include cases involving property division and financial disputes. Mr. Sris, our managing attorney and former prosecutor, provides strategic oversight on complex financial cases, leveraging his background in accounting and his role in amending Virginia’s equitable distribution law.
Results may vary. Prior results do not guarantee a similar outcome.
Contact Our Henrico County Business Division Lawyers
Our Richmond location serves clients in Henrico County and is accessible via I-64, I-95, and Route 250. We represent clients from Glen Allen, Short Pump, Innsbrook, Tuckahoe, and surrounding communities.
Law Offices Of SRIS, P.C. — Richmond
7400 Beaufont Springs Dr Suite 300 Room 359, Richmond, VA 23225, United States
Toll-Free: (888) 437-7747 | Local: (804)201-9009
Phones answered 24/7. Meetings by appointment only.
Frequently Asked Questions
Is my business considered marital property in a Virginia divorce?
It depends. If the business was started or acquired during the marriage, it is typically marital property. If you owned it before the marriage, its value at the time of marriage is separate, but any increase in value during the marriage may be marital.
How is a business valued for divorce in Henrico County?
A business is valued by determining its fair market value, often requiring a forensic accountant or business appraiser. Methods include analyzing assets, earnings, and market comparables. The valuation date is usually the date of the last separation or the court date.
Can I keep my business and give my spouse other assets?
Yes. This is a common outcome called an “offset” or “buyout.” You keep the business, and your spouse receives other marital assets of equivalent value, or you make a payment to them to balance the division.
What if both spouses work in the business?
The court will consider each spouse’s role and contributions. One spouse may buy out the other’s interest, or the court may order the business sold with proceeds divided. The goal is a fair result based on the statutory factors.
How long does it take to divide a business in a divorce?
With agreement, it can be part of an uncontested divorce taking 2-4 months. If contested and valuation is complex, it can extend a case to 12-24 months in Henrico County Circuit Court.
Related Practice Areas: For other legal needs in Henrico County, see our criminal defense and DUI defense pages. For more on Virginia family law, visit our state hub page. We also serve clients in neighboring areas like Chesterfield County.
Page Last verified: April 2026. Laws change. Contact Law Offices Of SRIS, P.C. at (888) 437-7747 for current guidance.