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Kane County Business Valuations Attorneys

Elgin Business Valuations Attorney

Business Valuations Lawyers Serving Clients in Geneva, Aurora, and Batavia

When you get a divorce and your marital estate includes a business or business interests, obtaining a proper business valuation is essential. The only way to ensure you receive your fair share of the business assets is to accurately determine their worth. At the Kane County divorce law firm of Goostree Law Group, we are experienced in handling divorces involving all types of businesses. We make sure our clients’ business interests are properly appraised, and we strongly advocate for our clients' interests in the property division process.

Business Valuations for Property Division in Kane County

Marital assets are defined as any assets that are acquired during a marriage. Consequently, if you or your spouse starts a business, buys a business, or invests in a business during your marriage, those business interests are considered marital assets. As such, they are eligible for division in a divorce. Dealing with business interests in a divorce can be a complex matter, and disputes often arise over the value of the business and how to distribute it between spouses. These two questions directly influence each other.

Depending on the specifics of the business, it is often advisable for one spouse to retain ownership of the business and compensate the other spouse for half of the value with other marital assets. For example, one spouse may take full ownership of a professional practice while the other spouse takes ownership of the family home. Negotiating a fair arrangement requires a precise business valuation as well as precise valuations of other marital assets.

Alternatively, spouses can opt to sell the business and split the proceeds of the sale in an equitable way. This is not always an ideal option, however, as it may not be a good time to sell and both parties could end up losing out. Conversely, if the divorce is amicable, both spouses could agree to run the business together after the divorce. Doing so would require a new contract outlining each spouses’ ownership stakes.

If your marital assets include business interests and you are getting a divorce, contact us at 630-584-4800 to schedule a free consultation. Our attorneys work with experienced financial experts to properly appraise our clients’ business assets, and we fight to make sure our clients obtain a just outcome in the property division process. Our firm represents clients throughout Kane County and the surrounding areas in Northern Illinois.

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