Before you can divide assets and debts at the time of divorce, you must first determine their worth. What is a business valuation? Business valuation is one of the most complex aspects of the divorce process in Illinois, often requiring the input of forensic accountants and experts in appraisal and assessment. You also need a family law attorney who can defend the findings of these experts in court in Illinois.
Feinberg Sharma vigorously represents people in divorce cases involving ownership of businesses. When you retain our family law firm, we will work with discipline and determination to protect your rights and interests.
Valuing A Business During Divorce in Illinois
If the business is clearly marital property (acquired during marriage), it will be subject to division. Our financial forensic experts know how to calculate business values. A valuation must be made in order to divide the business in a fair and equitable manner.
Valuation of a business involves assessing the assets and liabilities of the entity, the nature and longevity of the business, its prospects to succeed in the current economic outlook, its net worth, its earning capacity, and compare your business' value to similar businesses that have recently sold.
Questions You Must Ask Yourself
- Do you want to hire separate accountants, or save money by using the same valuation firm? What are the risks?
- Do you want to continue sharing ownership? You can divide responsibilities so you don’t have have problems working together.
- Does one of you want to buy the other one out?
- Do you want to sell the business outright and divide the proceeds? This approach allows you to start new lives without having to pay for the old business or disagree on value or discounts.
Whom We Serve
The clients of Feinberg Sharma, include owners of small businesses, partners in professional firms, high level "C Suite" executives with intricate types of defined compensation, owners of hard-to-appraise collections and unique items, and persons with substantial savings and investments. Their goal, understandably, is to preserve as much as possible of the wealth they have built up in their lifetimes or inherited, to limit taxation, and especially to prevent harm from coming to businesses that are providing a livelihood to many.
Serving Chicago · Northbrook · Barrington · The Entire North and South Shore · Beverly · Western Suburbs
The family lawyers at Feinberg Sharma, are experienced at business valuation in divorce. Contact FS’s family law attorneys at 312-376-8860, or email us at email@example.com.