Wheaton Business Value in Divorce Lawyers 

High-Asset Divorce Attorneys for Dividing Business Interests in DuPage County

For many individuals, owning a business is the manifestation of the American Dream. Unfortunately, when business owners get divorced, the situation can quickly turn into a nightmare. Business interests are considered to be part of the marital estate in many high-asset divorce cases, which means that the business must usually be taken into account during the asset division process. At the DuPage County law firm of Goostree Law Group, our experienced divorce lawyers have the knowledge and skill to handle divorces involving all kinds of businesses. We understand the importance of accurate business valuations in developing an equitable property settlement agreement.

Business Interests as Marital Property in Illinois

The Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5) defines marital property as any assets or debts acquired by either spouse during a marriage, with very few exceptions. This means that if you or your spouse opens, buys, or invests in a business while you are married, those holdings will generally be considered marital property and subject to division during a divorce. Managing business ownership in the divorce process is often complicated, as disagreements may arise regarding the actual value of the company and how the interests should be divided between the spouses.

There are several different methods that can be used to place a value on a business or business interests. For example, a particular method may be used to determine a fair market price for selling the business and dividing the proceeds of the sale. A different method may be required to estimate the earnings that the business will generate in the future. A third method might be appropriate if you simply need to determine the value of the company's assets after accounting for any debts or obligations.

Depending on the circumstances of your case, one or more of these methods may be necessary. Our firm maintains a vast network of financial experts, including experienced business valuation professionals. We will help you establish a value for your business holdings so that you can determine the best course of action for your divorce.

Dividing a Business

In some cases, it may be necessary to sell the business and to divide the proceeds equitably between the spouses. If only one spouse is directly involved in the business, he or she may be able to keep the business following the divorce. In return, the other spouse may be given a larger share of the remaining marital assets. The same may be true if both spouses are involved in the business but no longer wish to work together.

Some couples, however, do stay in business together even after a divorce. Doing so is likely to require a great deal of negotiating and a new contract outlining each party's ownership and responsibilities in the company. The skilled team at Goostree Law Group can help you decide which option is best for your unique situation, and we will help you draft an agreement that protects your investments both now and in the future. If a negotiated agreement is not possible, we are prepared to advocate on your behalf in litigation as well.

Call 630-364-4046 Today

If you are a business owner who is considering a divorce, contact our office. Call 630-364-4046 to schedule a free, no-obligation consultation with a member of our team today. Our attorneys serve clients in Wheaton, Lisle, Aurora, Warrenville, Downers Grove, Woodridge, and DuPage County.