St Charles Business Valuations Attorneys

Protecting Family-Run Businesses in Kane County

Going through a divorce is complicated. There are large assets to be considered, such as real estate property, savings, investments, or retirement accounts. But what about situations where one or both spouses have a large stake in a family business? Determining how to divide business interests fairly may not be easy, especially if one or both spouses rely on the business for their income. In many cases, spouses will want to determine how to ensure that a business can continue operating successfully while also reaching agreements that will provide each party with a fair and equitable share of their marital property.

All marital assets in an Illinois divorce must be divided equitably. To do so, both spouses will need to understand the value of a family business. A business's value must be determined by an experienced professional who understands what factors need to be considered and what options may be available when deciding how ownership of the business will be handled in the future. At Mirabella, Kincaid, Frederick & Mirabella, LLC, our skilled legal team can help spouses through the most complex business valuations. We will gather all required information and provide a complete understanding of a business's current and future value, ensuring that these issues will be addressed correctly during the property division process.

Business Valuations and Divorce in Illinois

During an Illinois divorce, all assets that are marital property must be divided equitably. This means that if a spouse started a business during their marriage, it will be a marital asset that must be addressed during the divorce process. If an already established business increased in value during a couple's marriage, some of the business's value may be subject to division.

To determine an equitable distribution of business assets, the company must first be appraised. At Mirabella, Kincaid, Frederick & Mirabella, LLC, we work with experienced financial professionals to determine a business's value. Our relationship with qualified business valuators will ensure that all financial issues related to a business will be assessed correctly. We will ensure that the proper factors are evaluated, including the amounts of a business's assets and debts, its projections for future earnings and growth, and its value on the market. We work to provide our clients with a complete picture of a business's current value, the amount they may receive if the choose to sell the business, and the value a person can receive if they continue to own the business.

Dividing the Business

After an appraisal of the business has been performed, it is then up to the parties to reach an agreement regarding the business. In many cases, divorcing spouses may agree that one spouse will take full ownership of the business, and the other will receive another part of the marital estate that is equivalent to the value of the business. In some cases, spouses may choose to sell a business, and each party will receive his or her share of the profits earned. The parties may choose to continue to co-own and run the business together after their divorce; however, in these situations, new contracts and partnership agreements should be put in place to prevent future conflict.

Contact a Skilled DuPage County Business Valuation Lawyer

Going through a divorce is tough, and there is no reason to brave it alone. The experienced lawyers at Mirabella, Kincaid, Frederick & Mirabella, LLC have over five decades of experience representing clients in divorce and business valuation matters. We understand how to fight for your assets and protect your best interests, and we will work to ensure that you get the portion of your family business you deserve. Contact us today by calling 630-665-7300. Schedule an initial consultation to learn how we can help you address divorce-related issues in DuPage County or Kane County, including the communities of Wheaton, Naperville, Downers Grove, St. Charles, Elgin, Geneva, Aurora, Batavia, and Elburn, Illinois.