Kane County Attorneys for Business Valuations
Protecting Family-Run Businesses in Aurora, Geneva, and Throughout Northern Illinois
Going through a divorce is complicated. There are large assets to be considered, such as property and savings or retirement accounts. But what about if both spouses have a large stake in a family business as well? All marital assets in an Illinois divorce must be divided equitably. A business's value must be determined by an experienced professional in order to be divided in a divorce. At Mirabella, Kincaid, Frederick & Mirabella, LLC, our skilled legal team can help you through the most complex business valuations.
Business Valuations and Divorce in Illinois
During an Illinois divorce, all assets that are marital property must be divided equitably. This means that if you started your business during your marriage, or if your already established business increased in value due to your marriage, some of the business's value may be subject to division.
To determine an equitable distribution of business assets, first the company must be appraised. We work with experienced financial professionals to determine a business's value. Our relationship with qualified business valuators will ensure that you get the portion of the family business you deserve. At MKFM Law, our attorneys understand how to fight for your assets and best interests.
Dividing the Business
After an appraisal of the business has been established, it is then up to both parties to come to an agreement regarding the business. Generally, the parties can agree that one spouse takes ownership of the business, and the other receives another part of the marital estate that is equivalent to the value of the business. Another option is that both spouses sell the business, and each party takes his or her share. Or both parties can run the business together after divorce; however, new contracts and other matters should also be clearly established to prevent future conflict.
Contact a Skilled Kane County Divorce Lawyer
Going through a divorce is tough, and there is no reason to brave it alone. The experienced lawyers at MKFM Law have over five decades representing clients in divorce and business valuation matters. Contact us today by calling 630-665-7300. Schedule an initial consultation or assistance for representation in Kane County, including the communities of St. Charles, Elgin, Geneva, Aurora, Batavia, and Elburn, Illinois.