110 E. Schiller Street, Suite 320, Elmhurst, IL 60126

Weiss-Kunz & Oliver, LLC312-605-4041

CHICAGO
 ⚫ PARK RIDGE
 ⚫ ELMHURST -

Elmhurst Business Valuation Attorney

Lincolnwood divorce attorney for dividing business interests

Divorce Lawyers for Dividing Businesses in Cook County and DuPage County

If you or your spouse own business interests, either together or separately, this is often considered one of your most valuable marital assets. Aside from being worth a significant amount of money and providing a source of income, a business often represents years of hard work, and you will want to ensure that this effort does not go to waste. During your divorce, you will need to work with an attorney to determine the value of your business interests and make sure these assets are divided fairly between you and your spouse.

The lawyers of Weiss-Kunz & Oliver, LLC are highly experienced in divorce cases involving high net worth and complex assets. We can work with you to protect your family business or professional practice, and we will aggressively advocate for your rights and your financial interests from the beginning to the end of the divorce process.

Methods of Business Valuation

If you or your spouse founded a business or acquired an ownership interest in a business during your marriage, these business assets will be subject to equitable division during your divorce. However, before determining how to divide these and other marital assets, it is first necessary to establish the actual monetary value of the business. There are several approaches to valuing a business, including market value, cost, and income.

Dividing Business Interests

Once the value of your business is determined, you can address how it will be divided between you and your spouse. If one spouse wishes to retain ownership of the business, they may want to "buy out" the other spouse's share. This could be done by making a cash payment or by allowing the other spouse to keep other marital assets of similar value. If a spouse does not have the resources to fully purchase the other spouse's share of your business, they may be able to set up a payment plan that will allow them to pay off the full amount over time.

If a buyout by one spouse is not feasible, a couple could continue to own and operate the business together as partners following the divorce. However, when doing so, a partnership agreement should be created that sets up rules for how business decisions will be made and addresses how any disagreements will be resolved. This agreement may also specify when and how either partner may buy out the other partner's share of the business at a later date.

In some cases, the ideal resolution may be to sell the business outright and divide the profits between spouses. The business as a whole may be sold to a new owner/operator, or if this cannot be done, the assets of the business can be liquidated, any outstanding liabilities can be paid off, and the remaining amount can be divided as part of the marital estate.

Contact a Chicago Business Asset Division Lawyer

If you need to address ownership of a business during your divorce, our attorneys can provide the legal help you need. We will work with financial appraisers or forensic accountants to determine the actual value of the business, and we can help you understand your best options for dividing this valuable asset. We will advocate for your financial interests throughout the divorce process, helping you reach an outcome that meets your needs. To arrange a consultation with our experienced divorce lawyers, contact us at 312-605-4041. We assist with complex divorce cases in Chicago, Park Ridge, Elmhurst, Lincolnwood, Skokie, Hinsdale, Burr Ridge, Oak Brook, River Forest, and throughout DuPage and Cook Counties.

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