Mokena Business Valuations in Divorce Attorney

Lawyers Assisting With Forensic Accounting in Complex Divorce Cases in Frankfort and Will County

Financial issues are often one of the most complicated aspects of a divorce, especially for couples who have a high net worth. For those who own business interests, the struggle to address these concerns and resolve the many other legal and personal issues involved in divorce can feel like being buried in an avalanche. In order to ensure that your financial interests are protected during your divorce, it is essential to secure legal representation.

The divorce lawyers at Wakenight & Associates, P.C. have more than 95 years of combined experience, and we have worked with clients in a wide variety of complex cases. We understand the legal issues that must be resolved, the financial concerns that must be addressed, and the best ways to reach a positive resolution to your divorce.

Putting a Value on Business Interests

As with other marital assets, business interests are subject to the rules of fair and equitable division of property during divorce. A business will be considered marital property if it was founded or acquired by either spouse after getting married and before separation. While a business owned by one spouse prior to getting married will typically be considered separate property, if the business grew during the couple's marriage, that increase in value may be considered marital property.

It is important to place a proper value on business interests in order to ensure that these assets are divided correctly. Typically, one of three methods is used to assess the value of a business:

• Assets and liabilities - This is a straightforward approach that is often best for small businesses. It determines a value by calculating the value of business assets (such as inventory, equipment, or patents) and subtracting liabilities (such as debts owed).
• Market value - This approach determines value by comparing a business with other similar businesses in the area that have been sold recently. If necessary, this may allow a couple to liquidate their business interests in order to divide them during divorce.
• Income and earnings - This approach examines the business's current earnings and its potential future earnings to determine the value that the business will provide to an owner both immediately and in the years to come. This can help determine whether the owner spouse can expect growth and increases in income, which may affect decisions about spousal maintenance or child support.

Working With a Forensic Accountant

When determining the actual value of business interests, forensic accounting is often necessary to obtain a full picture of a couple's finances. A forensic accountant can ensure that all aspects are considered during the business valuation process, and they can also uncover any methods a business owner may use to hide assets, such as underreporting income, overpaying debts, transferring business assets to friends or family members, making cash transactions, or falsifying financial records. Our attorneys will work with qualified financial experts to ensure that your financial concerns are addressed throughout your divorce case.

Contact an Orland Park High Asset Divorce Lawyer

You deserve a fair and equitable share of the financial assets that you and your spouse have worked to acquire during your marriage, including valuable business interests. Our attorneys can ensure that your rights are protected in these matters while advocating for your financial interests. Contact us at 815-727-6144 to schedule a free initial consultation. We assist with high net worth divorce cases in Mokena, New Lenox, Frankfort, Homer Glen, Orland Hills, Oak Forest, Lockport, Joliet, and Will County.