The division of assets and property during a divorce becomes quite complex when one or both of the spouses own a private business. Evaluating the eligible portion of the business that can be equitably divided requires proper valuation of it to ensure that the community property interests of each spouse are protected.
The division and valuation of business assets is not an easy task, as it involves many intricacies, and requires the legal assistance of an experienced business division attorney. At the Law Office of Fedor Kozlov, P.C., we have successfully represented many clients in business division settlements in a wide range of complicated divorce proceedings. Our attorneys are well-versed with the state laws and know the best approach to handle different business division cases.
Understanding How Business Assets are Divided
Just like property and debt, a business may be considered marital property and subject to division between spouses under certain circumstances. If one spouse owned a business since before marriage, the court may deem the appreciation in the business’s value during the marriage as marital property. This is especially true when the other spouse has actively contributed to its growth and participated in its daily operations.
At the Law Office of Fedor Kozlov, P.C., our attorneys analyze your business from all angles and determine what can be considered as marital and separate property. Separate property may include business assets acquired by gift, inheritance, or some parts of the business that started before the marriage. You can trust our experienced attorneys to carefully explore every factor influencing the value of your business as well as your spouse’s business. These factors may include the services or products the business offers, the competitive edge they have in the market, and the total worth of the company’s assets.
For a business to be divided fairly between spouses, it is paramount to appropriately appraise it. Based on the final valuation, the court will decide whether it is separate property, or how much of it is marital property. If it is marital property, it may be sold, retained by one spouse completely, or divided in many different ways.
Our attorneys work closely with finance professionals to get the most precise valuation of your business. Based on the specific circumstances of your divorce, we will come up with effective solutions and fight to defend your rights. We will provide you with the legal counsel you need to protect your business assets and financial interests. We know how Illinois law decides how a business is divided during divorce.
Contact Experienced Business Division Attorneys Today
Whether you have built the business through your hard work alone or helped your spouse in making their business as successful as it is today, we will diligently assess your business and pursue your case aggressively to get you your rightful share. Contact the Law Office of Fedor Kozlov, P.C., today at (847) 241-1299 to schedule a consultation with one of our experienced attorneys.