Business Valuations
Illinois Business Valuation Attorneys
When a marriage ends the process of dividing marital assets begins. If a family business or ownership in a business is part of a marital estate, then that becomes part of the property division process. In order to properly “divide” a marital business, the value of the business must be carefully assessed. At Momkus McCluskey, LLC, our attorneys are skilled in handling business valuations. One of the largest law firms in DuPage County, we are practiced in both family law and business law. Our extensive experience working in these practice areas ensures our clients’ interests are protected.
Valuation and Division of Marital Businesses
A marital business is rarely divided in a divorce proceeding. Rather, the court typically awards the business to one spouse and compensates the other spouse for his/her interest in the business. Consequently, determining the value of the business is crucial. If the business is incorrectly valued, compensation to the spouse who relinquishes the business may be too high or too low.
Disputes over the value of a marital business are common. At Momkus McCluskey, LLC, we often work with independent forensic accountants skilled in business valuation. Reaching an agreement about the value of a business outside of court is the easiest and most affordable option for all involved. That is not always possible, however. In some cases, both parties will insist on retaining their own experts. If the experts do not agree on the business valuation, litigation may be required. Whatever the case, our attorneys are prepared to aggressively represent the interests of our clients.
Once the value of the business has been agreed to or determined by the court, a property settlement can be negotiated or litigated. Our attorneys are experienced in handling property division issues and pursue innovative solutions that serve the interests of our clients.
To schedule a consultation with an experienced and knowledgeable family law attorney skilled in handling business valuations, contact Momkus McCluskey, LLC.
