What Happens To My Small Business In A Divorce?
Owning a small business often requires a level of commitment and investment — financially, emotionally and otherwise — that few people who do not own businesses will ever realize. That is just one of the reasons it is especially challenging when a small business is a part of what needs to be considered during the division of property in a divorce.
What Is The Business Worth?
Determining the actual value of a business is often an incredibly complex question that can be answered in different ways. Depending on how various aspects of the business are accounted for, there can be tremendous discrepancies in the value of the business. We work with business valuation experts, forensic accountants and other experts, when necessary, to help us arrive at accurate values that allow us to build the strong cases our clients deserve.
Protecting The Business From Harm
Too often, a poorly conceived division of property can damage or destroy a business. No one benefits from simply destroying or harming the business. We are skilled at crafting solutions that can preserve the value and integrity of the business so that it can continue to benefit you. This can be accomplished through negotiations and offsets. We may, for example, be able to trade a spouse’s interest in the business for some other asset.
More Than 35 Years Of Family Law Experience
Attorney Michael J. Smith understands the wide range of issues that need to be considered when a small business is part of the division of property. From determining who has what actual interest to taxes and ensuring the value and functionality of the business is not damaged, he has the experience needed to help protect your small business through the divorce process.
Small Business And Divorce Lawyer Serving Rockford, Illinois
For family law representation that understands the value your business represents to you, turn to Michael J. Smith, Attorney at Law, LLC. To schedule an initial consultation, call 815-923-1129 or contact us online.