A family business can be a great source of income and a way to create a legacy. Starting and operating a business is hard work and couples who do this together typically put in long hours in order to get the business off the ground. When it starts to generate revenue, they may reinvest most of it back into the business. In many cases, it takes years before a small business is able to provide a stable income for a family. This makes determining the value of the business quite difficult when one of the spouses contacts a Divorce Lawyer in Winnebago County IL.
Business Valuation
A proper valuation is essential to divide the assets of the business. When a couple divorces, one spouse may continue the business, buying out the other. The spouse that opts to take the buyout needs to know what the business is worth so they can be certain they’re getting a reasonable settlement. In addition to hiring a Divorce Lawyer in Winnebago County IL, a spouse might also need to consult with a business valuation professional and an accountant.
Other Assets
Couples who own a business may also own other assets. When they get divorced, they need to determine if one spouse will live in the marital home or if they will sell it and divide the profit. They may also have automobiles, other real estate and jewelry that needs to be appraised to determine the value of the entire marital estate. It’s important to determine whether the assets were acquired before or after the marriage.
Divorcing with a lot of assets is often more challenging and expensive than separating before the business, homes, and cars. However, with the help of an experienced attorney and other financial professionals, a spouse may be able to get their fair share of the marital assets in a timely manner so they can start their life over. Child support and alimony payments may make life easier for the spouse that needs to work harder to maintain the family business with only half of the help they had in the past. Before hiring a lawyer, go here to learn more about The Koch Law Firm.
