Problems with dividing a business in divorce

Joyce was married to Carl who owned a large business in Denver. During their divorce proceedings, the value of the business was furnished by the CPA who worked for the business. He said the value was $360,000. We wanted Joyce to get the business appraised but she was nervous about the high cost of an appraisal (about $4,500). Then Joyce said, "Do you think it really could only be worth $360,000? I worked there last summer and I know they take in several million dollars a year."

Well, we finally talked Joyce into getting the business appraised by an outside appraiser. The final value came in at $850,000 - a good return on her investment! Lesson: Don't use an employee of the business to give you the appraised value, especially if he works for the other side!