Business Disputes in Divorce
Dividing a Family Business in Divorce
With the increasingly complex nature of today's economy, more and more families are operating a family business. When a husband and wife get a divorce, our Chicago business dispute lawyers know that a difficult question is how to value and divide a business.
Frequently, one of the spouses invested more time into the family business. In fact, the family business may be in the name of one particular spouse and that spouse may be the driving force behind the business. However, the fact that the business is named after one spouse or titled in the name of one particular spouse is not determinative of the issue.
A judge presiding over a business dispute in divorce will ask pertinent questions to determine an equitable result. Some of the questions a judge might ask include:
- Did either spouse own the business prior to the marriage?
- Did the parties use marital assets to invest in the business?
- Did the business increase in value during the marriage?
- What contributions did each party make to a family business?
- What is the reasonable value of the business?
- Will the business continue to operate, or should it be sold?
- Is the value of the business based solely on the name of one spouse?
After asking these and other questions, the presiding judge will make a decision he or she feels is fair and just. Divorce laws vary from state to state. After consideration of state law and case law from their state, the judge will determine the value of the business and issue an order that compensates the parties for their just share.
Protect Your Rights During a Business Dispute in Divorce by Speaking with an Attorney
If you are getting a divorce and you own a family business, it is important to protect your rights by speaking with a lawyer. A lawyer can assist with finding an expert who can perform a small-business valuation that will determine the reasonable value of your family business. An attorney can also perform an evaluation of the facts to determine your marital interest in a family business.
Our attorneys have tremendous experience in the courtroom. We have been trusted by clients in high-stakes cases to deliver quality service and results. Attorneys Vincent DiTommaso and Peter Lubin, members of our firm, teach trial and litigation skills to University of Chicago Law Students and have been featured in local and national publications like the Chicago Tribune and Fox News for their involvement in key cases.
Perhaps most important is our attorneys drive and focus. We are resolute advocates for the people we represent in business disputes in divorce. We believe strongly that each client has a right to the highest standards of legal excellence. To give clients an advantage in litigation involving complex financial matters, we routinely enlist the service of leading experts who can advise and provide necessary reports or testimony. Some of the experts commonly used by our firm to handle complex financial matters include forensic accountants, property appraisers and business valuators.
Our attorneys are pleased to assist clients throughout the state of Illinois, including the Chicago metro area and DuPage County. We also assist clients in Indiana and Wisconsin. To contact an attorney at one of our law offices in Oakbrook Terrace or Chicago, Illinois, call (877) 990-4990 or (630) 333-0000. You may also contact us by e-mail.