Few things in this world resemble the American Dream as well as the family-owned business. Unfortunately, not all families stay together. When the marriage that held the family together ends in divorce, some decisions must be made – namely what will happen to the family business. The following explains some of your options and provides details on how to protect your financial interests.
Ensure Valuation is Accurate
One of the most crucial steps you can take in divorce is ensuring that your business is accurately and comprehensively valued by an experienced professional. Do not leave the matter up to chance. Do not leave it in the hands of your spouse. Instead, contact an experienced divorce lawyer – preferably one that has experience working with forensic accountants.
Examine the Whole Picture
It is easy to get caught up in examining just the business, especially after you have put countless hours and energy into building something you love. Yet, doing so can cause nearsightedness. It can cause you to forget about the other important assets of your marriage. It can make you forget about the possible tax implications or costs of running the business on your own.
Worst of all, it could result in a significant financial loss, either immediately after the divorce, or long into the future. As such, it is important that you detach from the business enough to see the whole picture. Examine the entirety of your marital estate and ensure you understand the tax and cost implications of keeping the business.
Make a Real Effort to Negotiate Amicably
Accomplishing an amicable divorce is not easy, but those that do manage to find common ground often fare better in the end. Part of this may be due to the costs associated with long, drawn-out divorce. More arguments take more time to resolve. Other costs, such as court fees, could further compound the financial expense of your divorce. Further, there may be other factors that could drive up the costs of your case.
Prepare for the Future
Whether you decide to keep the business, split it, or walk away, it is important that you prepare carefully for the future. There can be long-term implications to divorce. Backed by over 200 years of combined experience, Mevorah Law Offices LLC can help. Our DuPage County divorce attorneys will examine your case and explain your options. Schedule your free consultation by calling 630-932-9100 today.
Whether you are going through a divorce, injured in an accident, need to file a workers' compensation claim, charged with a crime, immigrating to the United States, or need to file for bankruptcy, Mevorah Law Offices LLC can help. Our trial lawyers have over 35 years of experience helping clients throughout Northern Illinois from five offices in Lombard, Bloomindale, Joliet, St. Charles, and Chicago.
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