When one or both spouses own a business, it is considered a marital asset. Thus, it would be subject to equitable division under principles of Illinois law. However, the two spouses may not be able to agree on a valuation of the business because each may have their own competing interests. Business valuation can make a divorce more complex, and you should contact a DuPage County divorce attorney to protect your own interests.
Expert Witnesses Can Help You Establish a Value
Each spouse would need to hire at least one expert to give their opinion about the business value. You may also require forensic accountants to testify about the company’s cash flow and profitability. Oftentimes, business valuations become a “battle of the experts.” Your attorney would have a network of qualified experts to enlist for your case.
Experts May Use Different Valuation Methods
Two experts could reach very different conclusions, based on both the methodology they use and their inputs into the model. Here are some ways that businesses can be valued:
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