Business Valuation Attorney in Lake County, IL Offering Skillful Asset Division in Bannockburn, Cook County, DuPage County, Will County, and Throughout Northeastern Illinois
Matters like dividing assets and calculating alimony can become more complicated when one or more spouses own a business. This matter calls for the guidance of an experienced Bannockburn business valuation lawyer. By attaining an expert’s analysis of the value of a business, our team can pursue outcomes of marital property division that are favorable to you.
At the Katz, Goldstein & Warren Law Firm, we’re not fazed by the unique challenges that pertain to business ownership in a divorce. Our team fully understands these nuances and regularly works with trusted experts in business valuation so we’re better prepared to ensure property division, support obligations, and other decisions made in the course of divorce proceedings are fair to our clients.
To get started with a confidential initial consultation, contact us today.
Business Valuation and Divorce in Bannockburn, IL
When it comes to divorce proceedings in Illinois, business ownership can further complicate an already intricate matter. Illinois law allows for equitable distribution of property, which doesn’t necessarily mean assets are evenly split. There are numerous criteria that can influence what constitutes an equitable distribution of assets in a divorce in Bannockburn, IL.
When your spouse owns a business, you want to make sure that you receive all of the assets you’re entitled to, especially if your work or sacrifices helped them build that business. An expert’s objective assessment of the value of the business is critical. Relying on your spouse’s account of their business’s worth may be a mistake, particularly if you have concerns that your spouse may provide inaccurate data to intentionally deceive you or due to a lack of responsible recordkeeping procedures.
If you’re the business owner, you know that a business isn’t pure profit. Getting an outsider to detail the liabilities that reduce your business’s gross revenue can establish a realistic picture of your company’s worth, ensuring that your spouse isn’t exaggerating or embellishing the value of your business to inflate their own share of assets in the division of marital property.
Finally, tricky questions might arise if both divorcing spouses are owners of the business. The first step before you begin figuring out the future of the business and what changes, if any, will need to be made is to get an accurate portrayal of the company’s value.
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224-422-2694How Does Business Valuation Apply to Divorce Proceedings?
Much of the disputes that arise in the course of a divorce or the dissolution of a civil union are of a financial nature. Business valuation is a critical process that can affect these matters.
Property Division
Property division refers to determining who gets what in a divorce. Property division is a broad term that can refer to the distribution of a variety of different kinds of assets, including:
- Personal belongings and household items
- A primary residence
- Other real estate properties, such as rental properties or vacation homes
- Cars and other vehicles
- Money in savings accounts
- Investments
- Retirement plans and benefits
Likewise, a business may be considered a marital asset in the context of the larger division of property. For help understanding how one spouse’s company can affect the distribution of property in a divorce, seek guidance from a knowledgeable business valuation attorney in Lake County, IL.
Maintenance, Alimony, and Child Support
Factors like payments made by one spouse to support the other or to support their shared children depend upon net income. Depending upon how the business and its owner’s pay are structured, it may also be important to have an accurate assessment of the company’s value for the purposes of calculating the spouse’s net income and their obligations to pay maintenance (alimony) and child support.
How the Katz, Goldstein & Warren Law Firm Can Help With Business Valuation
The logistics of splitting up bank accounts and deciding who gets what household possessions may be doable on your own, but evaluating the worth of a business is a much more intricate matter. Often, the divorcing spouses aren’t even sure where to start.
You’re going to want professional help with this process, starting with the guidance of an experienced Bannockburn business valuation lawyer at the Katz, Goldstein & Warren Law Firm.
Business Valuation as Part of Divorce Proceedings
Don’t think of business valuation as a minor detail. In fact, determining the value of one spouse’s business is a step you should take early on when moving forward with a divorce. Business valuation fits into the discovery and financial analysis stage of the process.
Formal discovery and financial analysis are part of the divorce litigation process, but it’s wise to consider having a business valuation done to assess the worth of a spouse’s business, even if your goal is to settle disputes through negotiations rather than trial. Knowing the value of the business provides both spouses with the information needed to begin working toward an equitable division of property. From this starting place, you could still work toward resolving your disputes through mediation, collaborative law, or settlement negotiations, especially if you and your spouse remain on respectful terms and are willing to cooperate in resolving these disputes.
Our Approach to Business Valuation in Divorce Cases
An attorney’s role is to practice law, not attempt to determine the value of a client’s (or their spouse’s) business. As your Bannockburn business valuation lawyer, the Katz, Goldstein & Warren Law Firm supports this integral aspect of your case by connecting you with experts whose capability to accurately determine the value of a business is unmatched.
Over our firm’s more than 25 years of history practicing family law in Northeastern Illinois, we have cultivated a vast and highly credentialed professional network. We’re well-suited to guide you in selecting appropriate experts to undertake the business valuation process. These professionals specialize in providing services like the following, all of which can strengthen your case for more equitable division of assets in divorce proceedings:
- Independent business valuation analysis
- Forensic accounting
- Expert witness testimony in family law matters
Our divorce attorneys have extensive experience working cooperatively with experts to seamlessly ensure that your position is fully articulated and backed by evidence. This approach has allowed us to consistently achieve results that benefit our clients.
Why Choose the Katz, Goldstein & Warren Law Firm?
With a Bannockburn business valuation lawyer at the Katz, Goldstein & Warren Law Firm on your side, you will be prepared for whatever challenges arise in your divorce claim.
Experience
Our firm has practiced family law across Northeastern Illinois for more than 25 years. We have a long history of assisting clients with nuanced matters of financial analysis, including business valuation.
Thorough Case Preparation
Ensuring that you have a qualified expert to undertake the business valuation process is just one of the ways we prepare divorce cases as thoroughly as possible, no matter what path to resolution you choose to pursue. We know that effective preparation is the key to getting results that are beneficial to our clients, which is why we’re meticulous in every aspect of your case.
Contact a Bannockburn Business Valuation Lawyer Today at the Katz, Goldstein & Warren Law Firm for Your Initial Consultation
Business valuation is one of many potential steps involved in resolving divorce disputes. To seek the most favorable outcomes possible in these disputes, you will need professional legal advice and unwavering, compassionate support.
For help from a business valuation attorney in Lake County, IL, contact the Katz, Goldstein & Warren Law Firm online or call us today.