Business Asset Division Lawyer in Portsmouth, Virginia
Dividing a business in a Portsmouth divorce is governed by Va. Code § 20-107.3, the equitable distribution statute personally amended by Mr. Sris. As a Business Asset Division Lawyer Portsmouth VA, Law Offices Of SRIS, P.C. provides full representation to protect your ownership interests and financial future during this complex legal process.
Virginia Law on Business Division in Divorce
In Virginia, a business or professional practice acquired during the marriage is considered marital property subject to equitable distribution under Va. Code § 20-107.3. This does not mean an equal 50/50 split, but rather a fair division based on multiple statutory factors. The court must classify the business interest as separate, marital, or hybrid property, determine its value, and decide how to allocate it or compensate the non-owner spouse.
Last verified: April 2026 | Portsmouth (City) Circuit Court | Virginia General Assembly
Official Legal Resources
For the full text of the law, refer to Va. Code § 20-107.3 (official Virginia General Assembly). Local court procedures and forms can be found at the Portsmouth Circuit Court website.
Handling Business Division in Portsmouth Courts
The key local procedural fact is that Portsmouth (City) Circuit Court handles the equitable distribution of business assets. The process requires precise financial documentation. A family attorney with experience in business valuation is critical.
- Gather all business financial records, including tax returns, profit/loss statements, and balance sheets.
- Retain a forensic accountant or business valuation experienced to determine the business’s fair market value.
- File a Complaint for Divorce in Portsmouth Circuit Court, including a request for equitable distribution of the business asset.
- Engage in discovery, which may include subpoenas for business records and depositions of business partners.
- Negotiate a settlement agreement outlining the division or compensation plan, or prepare for a court hearing on valuation and distribution.
- Present evidence and experienced testimony at a final equitable distribution hearing if a settlement cannot be reached.
Potential Outcomes and Considerations
In Portsmouth, dividing a business asset in divorce can result in the business being awarded to one spouse with an offsetting payment to the other, an in-kind division of ownership shares, or an order for the business to be sold.
| Scenario | Legal Classification | Potential Outcome | Financial Impact |
|---|---|---|---|
| Business started before marriage | Separate Property (may have marital component) | Owner likely retains business; spouse may share in appreciation during marriage | Valuation of marital portion required |
| Business started during marriage | Marital Property | Subject to equitable distribution; owner may keep it with offsetting payment to spouse | Full business valuation required |
| Professional Practice (e.g., law, medical) | Marital Property | Goodwill may be valued and divided | Complex valuation involving professional goodwill |
Results may vary. Prior results do not aim for a similar outcome.
Why Choose Our Firm for Your Business Division Case
Founded in 1997, Law Offices Of SRIS, P.C. brings over 120 years of combined attorney experience to complex family law matters. Our founder, Mr. Sris, personally amended the very equitable distribution statute (Va. Code § 20-107.3) that governs business asset division in Virginia. This deep, insider understanding of the law’s intent and application provides a distinct advantage. We have a documented record of favorable outcomes in complex property division cases.
Documented Case Results
Law Offices Of SRIS, P.C. has achieved 4,739+ documented results firm-wide across VA, MD, NJ, NY, and DC, with a 93%+ favorable outcome rate. Our team, including Mr. Sris with his unique legislative background, has successfully negotiated and litigated numerous cases involving the division of closely-held businesses, professional practices, and complex financial portfolios.
Results may vary. Prior results do not aim for a similar outcome.
Local Business Asset Division Help in Portsmouth
Our Richmond location serves Portsmouth and surrounding communities. We are accessible for meetings by appointment.
Law Offices Of SRIS, P.C.
7400 Beaufont Springs Dr, Ste 300, Rm 395
Richmond, VA 23225
Toll-Free: (888) 437-7747 | Local: (703) 636-5417 | Local: (888) 437-7747
By appointment only.
We offer 24/7 phone consultations at (888) 437-7747. Meetings are held by appointment only at our Richmond office, which serves the Portsmouth area.
Frequently Asked Questions
How is a business valued for divorce in Virginia?
It depends. Virginia courts typically accept valuations from forensic accountants or business appraisal experts who use standard methods like assessing fair market value, analyzing cash flow, and reviewing assets and liabilities. The chosen method can significantly impact the final number.
Can my spouse get part of my business if I started it before we married?
Yes, potentially. If the business increased in value during the marriage due to marital effort or funds, that portion of the appreciation is considered marital property and subject to division. Your spouse would likely not receive a share of the pre-marriage value.
What if my business partner is also my spouse?
This creates a complex situation requiring both divorce and business law analysis. Outcomes can include one spouse buying out the other’s interest, a court-ordered sale of the business, or a continued co-ownership agreement post-divorce. A family law help professional can guide you through the legal separation of the marital and business partnerships.
Do I need a separate business lawyer and a divorce lawyer?
Often, a family law attorney with specific experience in business asset division can handle the matter. However, in highly complex cases involving partnership agreements or shareholder rights, consulting with a domestic relations lawyer who can coordinate with a business law attorney may be advisable.
What is the role of a family court lawyer in business division?
A family court lawyer advocates for your interests throughout the equitable distribution process. They secure experienced valuations, negotiate settlements, present evidence, and argue before the judge to achieve a fair division of the business asset, whether through settlement or litigation.
For more information, see our Virginia Family Law overview. We also assist clients in nearby areas like Henrico County and Chesterfield County. For other legal needs in Portsmouth, consider our traffic defense or domestic violence services.
Last verified: April 2026. Information current as of verification date. Laws change — contact Law Offices Of SRIS, P.C. at (888) 437-7747 for current guidance.