When it comes to owning a business, whether it be a startup, a franchise, a family business, or an established company, having an accurate business valuation is essential when going through an Illinois divorce. An accurate valuation can help to ensure that each of the parties within the divorce can receive fair settlements and a fair split of any debt sustained during the marriage.
Valuation Paves the Way for Asset Division in Divorce
Illinois is an equitable distribution state, meaning that any marital assets will be split fairly. If the business in question was started before the marriage, then it would likely be considered a non-marital asset. If the business was acquired during the marriage, then it will be considered a marital asset. However, determining ownership is rarely this straightforward.
Spouses who can negotiate a property division agreement and avoid the courtroom can save time and money. However, they must understand what the business is worth before addressing it during property division. If the case is litigated, an accurate business apprasial will be needed to be sure that each party receives a fair share of the business....