Going through a divorce can be a difficult and emotional time, and one of the major areas of concern is often the division of assets. If you or your spouse owns a business, the valuation of that business can be a complex and contentious issue. Here are some key things to consider when it comes to business valuation during a divorce in DuPage County, Illinois.
Why Is Business Valuation Important In A Divorce?
When a couple gets divorced, their assets must be divided between them. This includes any businesses that either spouse owns. In order to determine how to divide the business, it must first be valued. The valuation of the business will help determine what each spouse's share of the business is worth, and therefore how it should be divided.
What Factors Are Considered In Business Valuation?
There are several factors that are taken into consideration when valuing a business for divorce purposes. Some of the most common include:
Intellectual property - If the business owns any patents, trademarks, or other intellectual property, the value of these assets will also be considered.
Goodwill - Goodwill is the intangible value of a business, and can be based on things like the business's reputation, customer base, and relationships with suppliers.
How Is The Business Valued In A Divorce?
There are several methods that can be used to value a business for divorce purposes. The method chosen will depend on the specific circumstances of the business and the couple's needs. Some common methods include:
No matter which method is used, it is important to work with a qualified business valuation professional to ensure that the valuation is accurate and fair. This can help ensure that the business is divided fairly between the spouses and that both parties are able to move forward with their lives after the divorce.
Contact a Wheaton, IL Business Valuation Divorce Lawyer
Business valuation is an important consideration during a divorce. It is crucial to work with experienced Dupage County family law attorneys to ensure that the valuation is accurate and fair, and that the business is divided in a way that is fair to both parties. By understanding the key factors that are considered in business valuation and the different methods that can be used, you can better navigate this complex process and move forward with your life after the divorce. Please get in touch with our knowledgeable family law attorneys at the Andrew Cores Family Law Group if you have a case. We can guide you through the process and assist you in defending your rights. For a free consultation, contact us at 630-871-1002.