Valuing a Business in Illinois Divorce: Determining Business Goodwill in Divorce Settlements
Determining the value of a business can be tricky, and goodwill can add an extra layer of complexity. Learn how to handle these issues when valuing a business in divorce proceedings in Illinois.
Business Evaluations During Divorce
Many spouses open and run businesses together during their marriage. When that marriage ends, the individuals must figure out what to do with their company—close it or continue working together? Many spouses choose a third option: having one person buy out the other. If it is a corporation or LLC, this may include purchasing shares. If it […]
Divorce and the Family Business
Sometimes, a divorce does more than break up a family. If either spouse is a business owner, a divorce can dramatically impact the day-to-day operations, or even the future viability, of the business. When one or both of the spouses owns a business, deciding how the business should be handled depends on several different factors. […]
Marital Assets: What Can Divorce Mean for Your Business?
Divorce can be a long and stressful process. However, when your business is involved, the process can become more complex. Illinois follows an equitable distribution of assets during a divorce. This means that assets are designated as marital or non-marital property and all marital property is divided fairly between both spouses. Assets deemed as non-marital are returned […]
Running a Business with a Former Spouse
Studies show that almost 4 million businesses are owned by married couples. But what if a couple decides to divorce and neither party wants to leave the business? Although it may seem unlikely, it is possible to run a business with a former spouse. An article in the New York Times offers tips and suggestions on running […]
