When spouses are also business partners, assessing and dividing assets can be challenging. There are three approaches to business valuation: the asset approach, the market approach, and the income approach. The asset approach evaluates a business based on the formula of assets minus liabilities equals value, while the market approach compares similar business values. The income approach predicts future profits, cash flow, and risk based on historical information. It is recommended to consult with an expert appraiser or a third-party expert to ensure an accurate business valuation and an equitable distribution of assets.