Under Illinois state law, most marital property acquired or accrued during the course of a marriage is subject to division. In cases where you, your spouse, or both of you own a business, determining the fair value of your company will impact child support, spousal maintenance, and the terms of your divorce settlement. At the law firm of Sullivan Taylor, Gumina & Palmer, P.C., our attorneys work closely with certified business appraisers, forensic accountants, and other financial experts in determining the value of a closely held or family-owned business. Since the value of a business can lead to allegations of under-reported value or an attempt to claim it is worth more than it actually is, accurately determining the assets and debts against your company is essential. We have the experience and professional resources needed to determine what a company is worth.
Working with certified business appraisers and other financial experts, we've evaluated the following kinds of businesses:
The division of marital property is important for determining the financial portion of a divorce settlement. If you own a business and your spouse believes your company is worth more than it is, he or she may attempt to recover more money in your divorce settlement as a result. In these kinds of cases, our attorneys provide financial documentation, tax returns, and current inventory and accounting information to demonstrate your company's actual value.
Alternatively, if you believe your ex-spouse has under-reported his or her company's value, we're prepared to use forensic accountants and other financial experts to uncover hidden assets and the true worth of a business.
Business evaluations involve a number of financial and legal considerations. At Sullivan Taylor, Gumina & Palmer, P.C., we have the resources needed to handle complex property divisions in divorce cases involving closely held and family owned businesses. To schedule an appointment and discuss your case, contact divorce attorneys Sullivan Taylor, Gumina & Palmer, P.C. today.