Every divorce is different and is dependent upon the specific details of each relationship. During the divorce process, certain factors can affect the outcome of the division of property, such as a divorce that requires a business valuation. Therefore, if you and/or your spouse own a business or a part of a business, remaining knowledgeable and aware of the key factors of a business valuation is important—a business that you own can be included in a property division settlement during a divorce.
Ensuring that the value of your business is accurately divided is essential. For instance, a business can be over-valued. In such a case, the property division settlement will not turn out fairly. Thus, valuing, or the process of determining the economic value of a business or company, requires an in-depth understanding of business and business law.
Once you understand the definition of a business valuation, you can then begin to weigh your options and move forward with your divorce. One option is to buy out your spouse's part of the business, pending it is in your best interests. This decision will also depend on the role that you play in the day-to-day operations of your business. A buyout may be beneficial as it can eliminate any of the challenges that come with owning a business with your spouse. A knowledgeable attorney can assist you with this decision and guide you in making a choice that is most advantageous for you.
After deciding if a buyout is right for you, the next step is to have a business valuations attorney negotiate a fair property division settlement. However, if you decide not to maintain ownership of the business then you will be compensated fairly which resolves any challenges property division may cause. In some instances, the court may appoint a forensic accountant to look into possible suspicions of fraudulent activity within a company as the joint legal representative to do the business valuation.
Contact a Divorce Attorney About Your Business Valuations Case
The attorneys at Roscich & Martel Law Firm, LLC understand the complexities of business structures and finances. Contact our experienced DuPage County divorce attorneys today at 630-355-5222 to schedule your confidential consultation. We assist clients in business valuations and all areas of property division. Our offices are located in the Kailer building, near the corner of Jefferson and Washington in downtown Naperville.