Business Valuations Attorneys in Kane County
Lawyers for Business Valuations in Divorce Serving Elgin, Batavia, and St. Charles
Your business is valuable to you, but in divorce, your business may be subject to division, as it is considered part of the marital estate. The future of the business may be at stake in divorce, as it may be divided between the two parties involve, and this division could lead to negative consequences of the business’s future. Proper business valuation is common in divorce, and business owners have a number of options available to them when they face divorce.
The Kane County divorce lawyers at The Stogsdill Law Firm, P.C. are familiar with the challenges business owners face and are prepared to provide help with business valuations as a result of divorce. Our attorneys team up with financial experts to review every business asset and debt, and oversee the process so the value of the business is properly calculated. If disagreement arises, we provide aggressive litigation and represent your interests in the courtroom so the impact on your business is minimized.
Divorce and Business Valuations in Kane County
Whether your business interests involve a family business, professional practice, or any other type of closely-held business, handling business interests in the divorce process can be a difficult task and is often quite complex. There are generally three options available in divorce where a business owner is one of the parties, and the decision on which option is best depend on a number of factors, including the type of business involved and each spouse’s desires for the business. The three options include:
- Full ownership of the business granted to one spouse. The other spouse often receives an equivalent portion of the marital estate as compensation for lost business interests. One spouse may have little to do with the business, and it may not be a good time for the spouse who owns the business to sell it, so this is often a preferred option;
- Sell the business. In this instance, each party receives cash for his or her share; and
- Run the business together following the divorce. If the divorce is amicable, and the spouses believe they can work together successfully, they may draft a contract reflecting their interests should circumstances change later.
No matter which option is picked, a business valuation is an essential step in the divorce process to ensure a fair settlement between the parties is reached.
If you are a business owner or your spouse is a business owner and you wish to obtain a divorce, contact The Stogsdill Law Firm, P.C. at 630-462-9500630-462-9500 to schedule a consultation. Our attorneys will work towards protecting your rights and interests regarding if you seek to retain your business or receive an equivalent part of the martial estate in lieu of the business value.