Elmhurst Divorce and Business Division Attorneys

Trusted Lawyers for Business Valuation and Division in Elmhurst, IL Divorce Cases

In many cases, businesses may be some of the highest-value assets that a couple owns. In the event of a divorce, significant assets can be the source of conflicts between couples. Family businesses and other business interests are often caught in the middle of high-net-worth divorce cases. Determining how to handle these assets will require diligent legal assistance.

Property division decisions can have long-term financial consequences for spouses who are seeking a divorce. A couple may disagree about whether a business is considered a marital asset or a separate asset owned by one spouse. A business owner may want to make sure their business can continue operating after a couple's marriage ends. If you or your spouse own a business, an experienced attorney can help you protect your financial interests during your divorce while addressing concerns related to business valuation.

During the divorce process, the lawyers at A. Traub & Associates will help you take steps to protect your financial future and minimize disruptions to your business. Our team works with experienced financial analysts, skilled forensic accountants, and knowledgeable valuation professionals to help ensure that you will have theinformation you need as you explore your legal options. We can also assist you in addressing liquidity concerns and potential tax consequences as you divide your marital property.

Financial Concerns When Businesses Are Involved in High Net Worth Divorces

A divorce is rarely clean and simple. In addition to dealing with emotional turmoil and changes that your family is experiencing, you may have to worry about attempts to hide assets or income or other attempts by your spouse to intentionally devalue certain assets. These concerns can be especially significant in a high-net-worth case where you have significant financial holdings.

With over 20 years of experience, Attorney Traub understands the ways these issues can affect divorce cases, and our team knows the legal steps to take to uncover all of the information needed to make decisions about the division of marital assets. Business-related disputes during a divorce may involve:

• Businesses started while a couple was married
• A business owned before marriage that has increased in value because of contributions from one or both spouses
• Family businesses that provide most or all of a family's income
• Worries that assets have been mismanaged or concealed

Gaining a Full Understanding of a Business's Value in Illinois

During a divorce, steps will need to be taken to determine the full value of all of a couple's assets, including businesses. The business valuation process can be highly technical, and both tangible assets and intangible factors may need to be considered. Common approaches to valuation include:

• Using industry-specific data to determine fair market value by comparing the business to similar companies that have recently been sold.
• Evaluating the business's present value based on anticipated future income.
• Calculating total value by subtracting a company's liabilities from its current assets.

Factors that can influence the value of a business may also include:

• Intellectual property
• The type of entity (sole proprietorship, LLC, etc.)
• The company's historical earnings and current financial assets
• Vendor relationships and customer contracts
• The business's position in a specific industry
• Legal agreements between business partners or investors
• Goodwill based on the owner's business operations and relationships with clients

Our lawyers will work hard to bring all relevant financial information and other related data to the table so that both parties will have a fair and accurate understanding of a business's value.

Contact Our Elmhurst, Illinois Business Asset Division Attorneys

The team at A. Traub & Associates can help clients address issues related to family businesses or other valuable assets. We have over 150 five-star reviews from satisfied clients who can attest to our commitment, collaboration, and compassion as we have worked to protect their rights and resolve divorce and family law issues successfully. Contact our Elmhurst divorce and asset division lawyers by calling 630-426-0196 to schedule a consultation.