In a divorce, business valuation is a critical step when one or both spouses own a business. In Illinois, a business is generally considered marital property if it was acquired during the marriage, and its value must be determined to ensure an equitable distribution.

The valuation process involves assessing the business’s worth, which may include its assets, liabilities, income, and future earning potential. Experts, such as forensic accountants or business appraisers, are often brought in to provide an accurate valuation. The goal is to determine a fair market value, which can then be used to divide the business fairly between the spouses.

If you or your spouse own a business, it’s important to have experienced legal guidance to navigate the complexities of business valuation.

Baumert Law can help ensure that your financial interests are protected and that you receive a fair settlement in your divorce. Contact us today!