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Tinley Park Business Valuation Divorce Attorney

Palos Heights divorce property division attorney

Lawyers Helping Divorcing Spouses Protect Business Interests in Cook County

Spouses who decide to dissolve their marriage and get a divorce must resolve a wide variety of legal issues, and reaching an agreement on the division of marital property is often one of the largest areas of contention. When spouses have ownership interests in a business, either together or separately, determining the correct value of these interests and how to divide these assets can be a complicated process.

The attorneys of Anderson & Associates, P.C. are highly experienced in complex divorce cases involving large assets and high incomes, and we can work with you to address your legal issues and reach a favorable resolution while protecting your rights and your financial interests.

Determining the Value of Business Interests

The assistance of financial advisors, business appraisers, and/or accountants is often required to determine the value of a business owned by divorcing spouses. They will typically use one of the three following valuation methods:

  • Market value - Examining similar businesses which have been sold recently can provide an estimate of the business's value based on what a buyer would pay to purchase it.
  • Business assets - A value may be reached by adding up the business's tangible and intangible assets (including physical inventory, equipment, business infrastructure, cash on hand, intellectual property, accounts receivable, etc.) and subtracting liabilities such as debts.
  • Income - Looking at the business's cash flow, earnings potential, and projected growth can provide not only the current value of the business, but the risks of ownership and expected rate of return in the future.

Protecting Business Interests

Ownership interests in a business are considered marital property if the business was established or acquired after the couple's marriage. If one spouse owned a business prior to getting married, it is considered non-marital property. However, if the business increased in value while the spouses were married, this increase may be considered marital property. If a spouse made contributions, such as effort or financial investments, to a non-marital business, the other spouse may be required to reimburse them for their contributions.

Dividing a business's assets in a way that will allow the business to remain intact after divorce may not be feasible. In these cases, one spouse may wish to purchase the other spouse's business interests, or the spouses may decide to continue co-ownership of the business after their divorce.

If one spouse owns a business prior to getting married, they may want to consider a prenuptial agreement which will protect their business interests in the case of divorce. If a business is founded or acquired after a couple's marriage, they can use a postnuptial agreement to make decisions about ownership of the business if their marriage ends.

Contact an Orland Park Divorce Lawyer

Business interests are often among the most valuable assets owned by a married couple, and determining how to divide these assets while ensuring that the business will be able to continue operating can be a complex undertaking. At Anderson & Associates, P.C., our attorneys can help you correctly determine the value of your business and work with you to reach a favorable settlement that will protect your financial interests. Contact our Cook County divorce business valuation attorneys at 708-226-9904 to set up an consultation. We serve clients in Orland Park, Tinley Park, Oak Forest, Palos Heights, Mokena, and throughout Cook County and Will County.

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