Will County Divorce Lawyer for Business Owners

Attorneys for Business Valuation in DuPage County Divorce Cases

The divorce process can be complicated for many couples, but there are certain situations that can make things especially complex, including cases where spouses need to resolve issues related to their property, finances, and other matters. Business interests owned by either spouse can greatly complicate this process, and it is crucial to determine the proper value of these assets to ensure that marital property can be divided fairly and equitably between spouses. An experienced divorce attorney can assist with business valuation and property division, helping you reach an outcome to your divorce that protects your financial interests.

At the Law Office of Ronald L. Hendrix, P.C., we have more than 35 years of combined legal experience, and we have represented spouses in a wide variety of complex divorce cases. If you need to determine how to address issues related to your business or professional practice, we can help you understand your rights and obligations, and we will work with you to create a divorce settlement that meets your needs.

Business Valuation During Divorce

Business interests owned by either or both spouses will typically be considered marital property if the business was founded or acquired during the couple's marriage. However, even if business interests were owned by one spouse before the marriage, the business may have increased in value during the marriage due to contributions by one or both spouses. For example, one spouse may have worked at the other spouse's business during their marriage, helping the business grow and increase its value. In these cases, the spouse who did not own the business may be reimbursed for their contributions toward the growth of the company.

When a business is considered marital property, the actual monetary value of the business will need to be determined, providing the spouses with a full understanding of the assets they own and ensuring that marital property can be divided fairly and equitably. In many cases, the assistance of a business valuator or other financial experts may be necessary to determine the fair market value of a business. These experts may take one of the following approaches during the business valuation process:

• Asset-based approach - The total value of the assets owned by the business will be determined, and any liabilities will be subtracted from this amount to determine the business's value. Assets can include tangible property such as product inventory, equipment and supplies, and real estate property, as well as intangible assets such as intellectual property and accounts receivable. Liabilities may include any debts owed by the business or payments that need to be made.
• Market-based approach - A review may be performed of other similar businesses in the area that have recently been sold to estimate the amount that would be received if the marital business was to be sold. This approach may be used if a couple plans to sell a business during their divorce.
• Income-based approach - Factors such as cash flow and profits earned by a business in previous years may be reviewed, along with the expected future growth of the business. This will provide a picture of the business's expected earnings in the years following divorce, allowing spouses to consider how dividing business interests will affect their individual finances.

Contact a Naperville Business Valuation Lawyer

Business ownership can have a significant impact on the financial decisions made during divorce. Whether one spouse is the primary owner/operator of a business, or both spouses share in business management, it is important to understand the full value of a business and determine how to divide these assets fairly. Our attorneys can work with you to address issues related to your business, and we will help you negotiate a settlement that will provide for your financial requirements following your divorce. Contact us by calling 630-355-7776 or 815-722-7050 to schedule your free consultation today. We assist with complex divorce cases in Will County, Kane County, Kendall County, and DuPage County, including Naperville, Plainfield, and Bolingbrook.