A divorce can lead to your business being valued. And, then, if it is marital property divided between you and your former spouse. Many different factors are used to assess and determine the results of this vision.
By reviewing the factors that influence the value of your business and speaking with an experienced Arlington Heights, Illinois, divorce attorney, you will have an easier time protecting your business.
Watch Attorney Thomas T. Glasgow discuss how to value your business in divorce on YouTube and TikTok.
What Happens To Your Business If You Get Divorced?
The answer to the question outlined above is “It depends.”
For example, the court may choose to give your business to you. And when this happens, you are the only person with control and ownership of the business.
On the other hand, you may be required to split the business with your former spouse. This doesn’t always happen, but when it does, it can significantly affect how you manage your business.
Other possibilities exist. Those two are pretty common, though. Depending on your aspirations, they may not be particularly desirable, which is why it’s worth getting an idea of the division that is ideal for you.
To ensure that your business is divided in a manner that works for you, it helps to work with an attorney. Doing so can make it easier for you to obtain the right outcome.
Outside of the above, you can click here to watch a video that goes over how, exactly, your business may be valued in a divorce.
What Factors Influence The Value Of Your Business?
The main factors that influence the value of your business in a divorce are as follows:
- The type of business you own/operate.
- The size and scale of the business you own/operate.
- The current market conditions of the business you own/operate.
- The financial records for the business you own/operate.
- The percentage of ownership between you, your spouse, and anyone else.
You can find one example for each one of those points right below:
- If you have a property management firm, then it can be valued differently than a startup.
- If you own a small business, then it can be valued differently than a large corporation.
- If the current market conditions are favorable, this can affect your business’s value.
- If your business is owned by you, your spouse, and your brother, then this can affect the value of your business.
- If your business is doing poorly, then this can affect its value.
Every single one of the factors outlined above will influence the value of your business. This will, in turn, affect the division of your business, who gets what, and what happens to your business, among other things.
Get Qualified Legal Help Today
If you need representation for a divorce or child support matter in Cook County, Glasgow & Olsson is here to help.
When you need an attorney, experience matters.
Contact us today to learn how our experience can get you the results you deserve.