Skilled Business Valuation Lawyers Resolving Divorce Disputes in Wheaton, IL
When divorcing spouses own a business or a stake in a business, they need divorce attorneys who understand business valuation. It may be important to retain a lawyer who not only will negotiate a settlement but who also has the ability to pursue litigation if there are disputes over dividing the business.
At Musielak & Rosinski LLC, we assist our clients through the process of business valuation. We also provide aggressive litigation for any disputes that arise. Our experienced litigation attorneys are committed to protecting and securing the financial interests of our clients, no matter how complex the assets.
Business Valuation and Litigation in Wheaton, IL
In order to properly value your joint business assets, financial accounts must be carefully examined. Our lawyers will work closely with forensic accountants, when necessary, who can correctly value a business or review an existing valuation to ensure accuracy. Once your marital business interests are fully valued, we will begin pursuing a property settlement agreement that is in your best interest.
We have experience with all types of businesses and corporations. Our experienced attorneys can provide informed analysis about the tax consequences and structure of all business entities. We can help you value and divide all of your assets, including:
- Businesses and partnerships
- Professional practices
- Privately and publicly held companies
- Stock options
When divorcing parties cannot agree on the value of their business, even after our financial experts have completed a business appraisal, it may be necessary to pursue litigation. We will present evidence about the value of the business, protecting your rights to an equitable division of marital property.
Does a Business Have to Be Divided in a Divorce?
A business does not always have to be physically split between spouses during a divorce, even if it is considered to be a marital asset. Illinois law requires an equitable division of marital assets, but equitable does not mean equal, and it does not mean the business itself must be sold or divided into shares. In many cases, one spouse keeps the business while the other receives compensation through other property awards, such as retirement accounts, real estate, or a larger share of savings.
Selling the business is sometimes necessary, particularly when neither spouse wants to continue operating it or when its value cannot otherwise be offset. Courts generally try to avoid forcing a sale when a reasonable alternative exists, since business sales can reduce the overall value available to both spouses and disrupt employees or ongoing operations. Keeping the business intact often serves both parties better in the long run.
What Part of a Business Is Considered Marital Property in Illinois?
Illinois law classifies property as either marital or non-marital, and a business can include elements of both. As a rule, a business started before the marriage is considered separate property. However, contributions made by either spouse, whether direct labor or financial support that allowed the business to grow, can factor into this determination. Illinois law recognizes contributions to non-marital property, and the division of property can be adjusted to account for this.
Courts examine records such as tax returns, financial statements, and ownership documents to determine which portion of a business's value falls into each category. This distinction can affect how the business is treated in the division of assets, so accurate record-keeping throughout the marriage can strengthen either spouse's position.
Contact Our Wheaton Business Divorce Litigation Attorneys
Disagreements over the value of a business need to be handled with care. At Musielak & Rosinski LLC, we will work to protect your daily operations and argue for an accurate figure for the worth of your business. We have offices in DuPage County and Kendall County. To set up a free consultation today, contact our Wheaton business appraisal attorneys or call us at 630-344-6525.