Chicago Divorce Business Valuation Lawyers
Divorce is similar to a business transaction, and in many divorces, setting a value on and dividing the family business is a major concern. Often, a couple's most valuable assets are the family home and the family business. While the value of a family home can often be determined by a quick look at the comparable housing market, no such similar market exists for many family businesses.
Business valuations in Illinois rely on a detailed analysis of the business to determine its true value. Methods of business valuations may rely on the unique strengths of the business, its ability to create current or future income, and similar factors. A clear view of a family business's value from an independent business valuation professional is essential for handling the business in an equitable fashion during the divorce.
Unfortunately, in contentious divorces, the spouse operating the family business may withhold information about the business's financial profits. He or she may exaggerate any downturn in business in the hopes of convincing the other spouse to accept less than his or her fair share of the business's value. Or the spouse who does not operate the business may insist on an unreasonably large share, not considering the true position of the business in the market and its actual ability to make money. Often, an independent business valuation is the only way to settle a bitter battle over a family business.
The questions surrounding the fair disposal of the family business are often complicated. Does the spouse running the business have a right to a larger share than the spouse who is not involved? If the business was started by one spouse before marriage, who is entitled to it and for how much? What happens to the business when the marriage ends? A business valuation can help clarify these and other issues by setting out the facts and details before the parties, allowing them to negotiate based on a clear, objective picture of their financial and legal situation. Without a business valuation, both spouses are negotiating "in the dark" - taking guesses as to who may be entitled to what without knowing precisely what is at stake.
Divorce is a life-changing and often emotionally draining experience. When a family business is at stake, you need objective, experienced legal and financial help to ensure that you receive the portion of the family's largest asset that you need and deserve. The experienced Illinois high asset divorce lawyers at Nottage and Ward, LLP have dedicated over thirty years to helping individuals with the legal and financial aspects of divorce. We consult experienced professionals to ensure that business valuations are accurate. We are experienced negotiators who will represent your interests in mediation and in litigation based on the facts. Contact Nottage and Ward, LLP at (312) 332-2915 today to schedule an initial consultation.
- The Business of Divorce
- Business Valuation and Divorce
- The Importance of Pre-Nuptial Agreements for Married Couples Who Own a Business
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Leslie has been the strongest representation I could ask for
Leslie has been the strongest representation I could ask for in a very complicated, emotional matter. She has continuously looked out for my best interest and the best interest of my son. She is always prompt in getting back to me and in keeping me well informed about my case.
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