Dividing Professional Practices And Family-Owned Businesses In Divorce
One of the most important decisions in many high-end divorce cases is what should be done with a family-owned business. Discussions often include whether the business should be shut down and its assets divided, whether it should remain open, who should keep the business and how can you calculate an accurate value of the business? Many individuals are also emotionally tied to their company, which can add an additional level of complexity during negotiations.
At Lois Kulinsky & Associates, Ltd., our divorce lawyers have significant experience helping business owners sort through these complicated issues in the divorce process. Our goal is to provide the highest quality service that gets results — a goal that we consistently achieve.
If you own or share a family-owned business and are considering a divorce, contact our firm online today to schedule a free, half-hour consultation with one of our highly skilled attorneys. You may also call our firm directly at 847-459-4448 (Wheeling office) or 847-281-0200 (Libertyville office).
Achieving A Full, Fair Valuation Of The Business
Professional practices and family-owned businesses that are established during your marriage are considered marital property and are subject to Illinois’ rules on the division of property. Illinois uses an “equitable division” rule, which means that each spouse should receive a fair share of a couple’s marital property — not necessarily an equal share. In order to ensure that, however, the business, its assets and debts, good will and other factors must be assigned an accurate monetary value.
We utilize a team of experts, such as business valuation experts and forensic accountants, to determine your company’s true value. They consider all tangible and intangible assets to arrive at a value that our firm will use to negotiate on your behalf.
We are also experienced in uncovering hidden assets and unreported income.
What If I Don’t Want My Business To Close?
Divorce does not need to mean the end of your business. We often help clients who wish to keep their business open, often with one spouse assuming control and receiving all assets associated with the company. In these situations, the other spouse will receive other property that closely equals a fair share of the value of the business.
Contact Us Now For A Free, Half-Hour Consultation
Contact us online today to schedule your free, half-hour initial consultation with one of our business divorce attorneys. Or, call our offices in Wheeling and Buffalo Grove at 847-459-4448 or our Libertyville office at 847-281-0200. We focus our practice in Cook, Lake, McHenry and DuPage counties.
Credit cards are accepted, and installment plans are available.