Barrington Business Valuation Lawyers
Protecting Your Financial Security
Businesses significantly complicate property division during a divorce. In order to ensure a fair property settlement, the value of the business must be accurately determined. This is a complex task, handled best by an experienced family law attorney and business valuation experts.
At Lucas Law we have a deep understanding of the issues that arise in a divorce involving a closely held business. With more than 25 years of experience in family law, we know how to protect your interests and financial security. To discuss your case with one of our knowledgeable Barrington business valuation attorneys, contact us online.
The Experience To Accurately Value Your Business
There are several ways to divide a business in a divorce. Typically, one spouse maintains control of the business and compensates the other spouse for his or her interest in the business. In some cases, the parties agree to each maintain a percentage of the business after the divorce. Another option is selling the business and dividing the proceeds. Regardless of how the business is divided, correctly determining its value is crucial to ensuring that each spouse receives a fair property settlement.
Determining the value of the business becomes even more complex when one spouse does not give full disclosure as to the value of the business, conceals assets or purposely suppresses sales to deflate the value of the business. Our lawyers work closely with financial experts such as forensic accountants and other business valuation experts to accurately determine the value of a business, including any intangible assets such as goodwill.
Additionally, it is important to ascertain whether the business is community or separate property. In Illinois, any property that was acquired during the marriage is considered marital property and must be divided equitably during a divorce. Businesses that were started before marriage may become marital property if marital funds were used to fund the business. Our attorneys will assist you with the complex process of characterizing and valuing your closely held business.
Contact Our Tower Lakes Marital Business Assets Attorneys
To schedule a consultation with one of our experienced lawyers, contact us online or call 847-381-8700.
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