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900 E. Roosevelt Road, Lombard, IL 60148

Phone: 630-932-9100

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134 N. Bloomingdale Road, Bloomingdale, IL 60108

Phone: 630-529-4761

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Subscribe to this list via RSS Blog posts tagged in business valuation

DuPage County divorce lawyerIf you own a business, it is likely one of your most valued properties, if not the property that is the most important to you. A business represents the investment of time, money, and effort, and it is often crucial to your ability to support yourself. As such, the thought of something happening to your business in a divorce can be extremely concerning. However, if you thoroughly prepare for the divorce process, you can effectively address many of the issues that often affect business owners.

How Does a Business Affect the Divorce Process?

Illinois business owners should be well informed about all of the following issues that may arise during their divorce:

  • Marital and non-marital property - Illinois law defines what qualifies as marital property, which belongs to the couple and must be divided in a divorce, and non-marital property, which belongs to each spouse individually. Business owners should determine whether their business qualifies as a non-marital asset, perhaps because they owned it before the marriage or inherited it from a family member, or because they have a prenuptial agreement that excludes the business from the marital estate.
  • Business valuation and division - When a business qualifies as a marital asset, it is important to determine an accurate valuation before deciding how to address it in the division of marital property. A business can be valued based on its assets, income, or market value. Options for dividing a business in divorce include selling it and dividing the proceeds, distributing ownership shares, or having one spouse buy out the other.
  • Spousal maintenance - Business owners who want to retain full ownership of their business will often need to compensate their spouse in other ways. One common option is spousal maintenance, otherwise known as alimony or spousal support, through which one spouse makes regular payments to the other for a defined time period.
  • Child support - Business owners with young children will be required to contribute to child support after a divorce. Since Illinois child support obligations are calculated based on each parent’s income, business owners often face additional challenges when it comes to demonstrating the monthly income that their business brings in.

Contact a DuPage County Divorce Lawyer

If you need help protecting your business assets during your divorce, Mevorah & Giglio Law Offices can provide it. We have extensive experience representing clients throughout all aspects of the divorce process, and we will work to ensure a fair resolution in your case. Contact a Lombard, IL family law attorney today for a free consultation by calling 630-932-9100.

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b2ap3_thumbnail_DuPage-County-divorce-lawyers_20170506-101038_1.jpgFew 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.

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Posted on in Family Law

DuPage County divorce lawyersComplex and emotionally triggering in almost every way possible, divorce can ultimately result in the dissolution of a business. As such, owners are often wary of the process, and may even resort to criminal activity to protect their investment. Others may attempt to use the company as leverage or a way to seek revenge. Whatever your situation - no matter how contentious it may be - the following information can help. It explains the business valuation process and lets you know what you can expect. You will also learn how to ensure that you and/or your spouse’s business is accurately valued so that you can maximize your chances of getting the divorce settlement you deserve.

How the Value of a Business is Determined

Business valuation is a complex process with numerous factors to consider. Debts, assets, liabilities, and previous earnings history are analyzed. Future earnings and potential tax obligations are estimated as well. A business analysis expert then uses this information to calculate the overall value of the business, which is then added to the total value of the marital estate. This does not mean the business will be split equally, however. Instead, each party’s financial needs, future earning potential, potential tax obligations, contributions to the business, and other financial factors are examined. This is then used to determine what their equitable (“fair”) share of the business and marital estate should be.

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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 & Giglio Law Offices can help. Our trial lawyers have over 40 years of experience helping clients throughout Northern Illinois from five offices in Lombard, Bloomindale, Naperville, St. Charles, and Chicago.

Steven Mevorah has assembled experienced attorneys under one roof so that his clients need not search for a new attorney each time they need help. Mr. Mevorah has also established a wide network of additional attorneys so that his clients merely need to stop by Mevorah & Giglio Law Offices to find the attorney they need.

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