Business Valuation
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Divorce Business Valuation
Lawyer for Valuing Business Assets in Illinois
If you or your spouse owns a business at the time of your divorce, it can seriously complicate the division of marital assets and other elements of your divorce resolution. Contrary to what you may expect, a business is often considered marital property, which means it may be among the assets that must be divided between you and your spouse. As such, it is important to determine how much the business is worth by obtaining a credible business valuation.
At Reifman Law Offices, we have represented Illinois divorce clients for almost 20 years, including in many high-asset divorce cases involving business owners. We can work with financial experts to help you value your business using the most appropriate method. From there, we can represent you in negotiations or litigation to help you hold on to your business assets or secure an equitable share of the marital estate.
Methods of Business Valuation
One important decision when valuing a business in anticipation of divorce is the choice of a business valuation method. While some businesses have market value, others have values that are more closely tied to their assets and liabilities, or the skills and contributions of their owner. An experienced financial professional will be able to advise you on the valuation method that best fits the type of business you own. Options include:
- Market valuation– A market valuation estimates the value at which a business could be sold to an interested buyer. If the business is publicly traded, the market value may be determined by the current share value and the number of shares that a spouse holds.
- Book valuation– A book valuation estimates a business’s value based on its assets—including buildings, equipment, materials, and inventory—and its liabilities—including outstanding debts and regular expenses.
- Revenue valuation– There are various business valuation methods that consider the revenue or profit that a business has generated and is likely to generate in the future.
Keep in mind that your spouse is likely to seek their own valuation of the business assets, and these competing valuations will likely come into play in property division negotiations or divorce litigation. We can help you use the information you obtain through a business valuation to protect your financial interests and achieve your priorities in a property settlement.
Implications of a Business Valuation on the Illinois Divorce Process
In a divorce, a business valuation will most directly affect decisions made regarding the division of marital property. In some cases, it may be necessary or desirable to sell a business or liquidate its assets in order to divide the profits between the two spouses. Obtaining an accurate valuation will help you ensure that both spouses get fair value.
However, it is often important for a business owner to retain possession of their business in a divorce, especially if it is their primary source of income. By determining the value of your business, you can be better prepared to buy out your spouse’s share of the business using other marital or non-marital assets. Conversely, if you know how much your spouse’s business is worth, you can better negotiate for your fair share of the marital estate.
The value of a business can also affect other elements of your divorce resolution. For example, the court will consider each spouse’s assets and financial resources when making decisions about child support and spousal support. Knowing how much a business is worth can help to determine how much the business owner should be expected to contribute.
Contact an Arlington Heights Business Valuation Lawyer
Preparing for your divorce with a thorough understanding of your finances is crucial to achieving a positive outcome, and obtaining a business valuation is an important part of this preparation. We can help you value and protect your business and other marital assets. Contact us today at 847-229-8433 to schedule a free consultation. We serve clients in Arlington Heights, Elk Grove Village, Palatine, Schaumburg, West Dundee, Hoffman Estates, Barrington, Streamwood, Rolling Meadows, and the surrounding areas.
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