Kane County Attorneys Protect Businesses in Divorce
Highly Rated St. Charles Lawyers Help Divorce Clients Preserve Their Professional Practices
During the property and asset division phase of high-asset divorce, the existence of property, assets or businesses owned by either party or acquired amid the marriage will be carefully examined. Illinois is an equitable distribution state, meaning that all assets and debts will be divided in an equitable manner. However, equitable division does not mean that all assets, property and income are divided equally, or 50/50. This can lead to conflict between divorcing couples as to “who gets what” after the divorce is effectuated. Moreover, dividing interest or ownership in a business is not as easy as dividing property, such as vehicles or works of art. Rather, the business must be evaluated to determine a monetary value. This process is important, as the monetary value will be the calculable component of the asset when property and assets are divided.
In some cases, each spouse will agree to each maintain control over liquid assets, financial accounts, or other pieces of property independently owned or acquired. In other cases, it may be necessary for one party to relinquish interest or ownership in a business or property in order for the other party to gain full control. At Bochte, Kuzniar & Navigato, P.C., we know how complex business legal matters can be. Our team of business valuation attorneys are skilled in divorce and family law matters, as well as business law and real estate law. Our combined experience offers clients with businesses, including closely held businesses, comprehensive solutions to their divorce needs.
Importance of Proper Valuation
In order to ensure that all property and debt is divided in an equitable manner, it is crucial that property and businesses are valued properly. Valuing a business or other complex assets goes beyond simply placing a face value on the business holdings. It is equally as important to place a value on the interest of each spouse’s contribution to and involvement in the business or asset. For instance, a spouse who has worked for their partner’s business, or made other valuable contributions should be compensated. This is a very common issue that arises in divorce cases, especially when business interests are involved.
If the business is a family owned business, additional legal factors may arise causing the valuation process to be complicated. Divorce is often an emotionally charged experience, and adding the addition of familial stress and emotions can make the business valuation process overwhelming. Fortunately, the business valuation attorneys at Bochte, Kuzniar & Navigato, P.C. are experienced in managing business law matters, including closely held businesses. Our team offers more than 100 years of combined legal experience to every case. Our goal is to provide our clients with sound, competent legal solutions while offering the support and availability of a small law firm.
To schedule a free consultation with one of our skilled attorneys in St. Charles, contact Bochte, Kuzniar & Navigato, P.C. by calling (630) 377-7770. We are a small firm with large law firm knowledge, skill, and expertise. Speak with us today to learn more about how we can make a difference for you. We offer legal services to clients throughout St. Charles, Geneva, Elgin, Batavia, Aurora, Wheaton, Naperville, DuPage County, DeKalb County, Kendall County, Kane County, and the Fox Valley area.