Thumbs Up Thumbs Down
Share Your Experience
X

Tag Archives: business valuation

Illinois divorce lawyersSince the recession, the number of female-run businesses in the United States has increased at a rate five times higher than all other corporations. Female-owned businesses have also seen the greatest revenue increase over that same time-period (35 percent increase in women-run businesses compared to 27 percent among all other U.S. businesses). Sadly, female entrepreneurs still have a major disadvantage in the business world: In divorce, female entrepreneurs typically assume far more risk than their male business-owning counterparts. Learn how you can protect your company and your financial future with the assistance of a seasoned, competent divorce lawyer. 

Is Your Spouse Entitled to a Portion of Your Company? 

Not all businesses may be divided in a divorce. Companies that are started prior to the marriage are not typically considered a marital asset, and they may not be divided in the divorce (unless marital money was co-mingled with company funds). However, the owner of the company may still owe their spouse a settlement or alimony if certain contributions were made (i.e. staying home with the children while the owner grew their business), even if the business is not to be split in the divorce. A seasoned attorney can help you determine if your business is a marital asset, and they can assist you in protecting it.

Continue reading

Wheaton divorce attorneysDuring an Illinois divorce, a couple’s debts and assets are valued, summed, and then equitably divided. Of course, some assets are far easier to split than others. Take, for example, vehicles. Most couples have two – one for each spouse. In divorce, each typically takes their own vehicle.

The family home is far more difficult to divide, for both obvious reasons and not-so-obvious ones. Businesses are also extremely difficult to divide in divorce. Learn more in the following sections, including how an experienced divorce attorney can improve the outcome of your case.

Dividing a Business in Divorce

Continue reading

DuPage County divorce lawyersWhile there are many challenges and obstacles to owning your own business, few come close to the potentially devastating impact of divorce. Sadly, small businesses are at an even higher risk because they are not typically prepared for a massive financial hit. What can you do to protect your business during a divorce, and how can an attorney help? The following explains.

When is a Business a Marital Asset?

Every state has its own divorce laws. Illinois, which is considered an equitable distribution state, considers all assets obtained during the marriage as assets. However, there are instances in which a business may be excluded from the couple’s marital estate, even if the company was established during the marriage. Likewise, there are situations in which a business started before the marriage can become a marital asset.

Continue reading

DuPage County property division lawyers, business marital propertyThe concept of property division and divorce are familiar to most Americans. Using the Illinois Marriage and Dissolution of Marriage Act, a court will divide property between a divorcing couple in a fair and equitable manner. Dividing a business is much more complicated than dividing a car or the value of a home. Determining the value of a business is further complicated by the fact that the value of a business may fluctuate over time, increasing or decreasing in value at any point in time. If your spouse owns a business, how will an Illinois court value the business upon divorce?

Is a Business Marital Property?

A court will first attempt to determine whether the business is marital property. If your spouse started the business before the marriage and the profits and assets are kept separate from other marital assets, then a court is likely to find the business is not marital property. This means that your spouse’s business will not be divided between the spouses. On the other hand, if your spouse started the business during the marriage, and business deposits/withdraws funds from a joint account, or if business profits are used to pay common expenses, then a court may view the business as marital property and subject the property to division.

Continue reading

valuation of a businessProperty division is often a hotly contested issue of divorce. When a family business is involved, property division becomes even more complex and often much more contested. The parties must establish what the business is actually worth and ultimately, what to do with it.

Remember that under Illinois law, property acquired during the marriage (absent property acquired by gift, inheritance, or other special circumstances) is considered marital property subject to the equitable division of the courts. Any business started by either of the parties during the marriage would therefore qualify as marital property.

Valuation of the Business

Continue reading
Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Warrenville Office
Address28371 Davis Parkway
Suite 103
Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road
Building A, Suite 105
Wheaton, IL 60189
Phone(630) 580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street
Suite 900
Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street
7th Floor
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone(630) 580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street, 7th Floor,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
Contact us