When it comes to keeping a small business alive after divorce, reducing the negative impact of divorce on yourself, your staff and the day-to-day operations is critical.
Business Valuation and Divorce
There are several different things you should do to protect your business during divorce. Here are five things you should know during this difficult period.
Illinois Divorce Lawyers Candace Meyers answers:
Don’t leave money on the table during divorce! By understanding property division on divorce, and knowing what property can and cannot be included in the marital estate, you will have a better chance of getting your fair share.
It’s never required that the parties engage in a business valuator, the parties agree to valuations. Unfortunately those agreements are not as forthcoming or as frequent and forthcoming as we might like. There are ways of looking at business value without hiring and obtaining the opinion of a business valuator. Give you an example of […]
There is no set formula to divide a business. There are many factors that determine what each spouse will receive equitably. If the business is evaluated the supportive non-ownership spouse will likely receive a percentage, but the percentage is subjective to numerous factors including the type of business, tax consequences in the event that the […]
The first step is to evaluate whether the business is a marital asset or what portion of the business is a marital asset. Was the business gifted to one of the parties before or during the marriage, or has it grown during the marriage? Was a premarital business and the parties invested into it during […]
Before we talk about parties continuing to co-own the business, we need to identify what kind of business it is. Is it a sole proprietorship? In that case it would not apply because it’s only one owner. But both parties may work in the business. Is it a partnership in which they both own 50 […]
High-net-worth couples frequently are business owners or investors in a business or run a professional practice such as a medical practice together. When divorcing spouses own and operate a business together, then the business will probably require a formal evaluation and report. Professionals such as forensic accountants and actuarial experts are used to determine the […]
Chuck Roberts is family lawyer at Momkus McCluskey Roberts, LLC, one of the largest law firms in DuPage County, Illinois.