Divorce for business owners and spouses

Chicago Business Owner Divorce Attorney

Illinois Divorce Property Division Lawyer

Business owners and their spouses face unique circumstances and issues when they divorce. Chicago business divorce attorney, Elliot Heidelberger focus’ on representing business owners and high net worth clients through the many issues that they face in a divorce, including business valuation, property division, and spousal maintenance.

When a couple divorces, unless they have reached an agreement, the court will distribute assets based on an equitable division of all assets and debts in the marital estate.  Business assets of one or both parties are included in the court’s division. Accordingly, business owners or their spouses should consult with an experienced Illinois divorce property division attorney like Elliot Heidelberger in order to ensure a favorable division of assets.

Importance of Accurate Business Valuation

When business assets are subject to property division in a divorce, proper valuation of the business is imperative.  A variety of methods may be used to value the interest of each spouse in the business; the use of an inappropriate valuation method can have a detrimental effect on the property distribution.

Hanover Park business divorce attorney, Elliot Heidelberger understands the importance of hiring a valuation expert to accurately determine the value of the business and its assets.

The Buyout Option

Many divorcing business owners contemplate a buyout of the other spouse’s interest in the business in order to resolve the property distribution issues.  In a buyout, one spouse will purchase the other spouses interest in the business in exchange for cash or other assets.  The buyout option may not be appropriate in all situations, however, particularly in those cases in which a buyout would create a cash flow problem for the business going forward.

Other Potential Pitfalls

Property distribution could take years to resolve when a business owner divorces.  When unreasonable delays in property distribution issues take place, the business may suffer as a result of missed business opportunities, lack of control of business decisions, or inaccessible cash flow or funding.  A business may also face employment challenges when a spouse is no longer working for the company. Chicago and suburban business divorce attorney, Elliot Heidelberger will make every effort to expedite the decisions related to the valuation and allocation of the family business.

Working Toward Expedient and Favorable Resolutions

Chicago business divorce attorney Elliot Heidelberger understands the unique personal, business, and financial issues that business owners and their spouses face when they divorce.  He focus’ on representing business owners, including owners of small business and family-owned businesses, and high net worth clients as they navigate the myriad issues they face in a divorce – from spousal maintenance and child support to property distribution and tax issues.

Mr. Heidelberger’s experience allows him to provide his clients with practical, well-reasoned legal solutions and alternatives to complicated legal and business issues. He prides himself on the personal attention and client service that he provides to each of his clients.  Our skilled Illinois business divorce attorney takes the time to understand the complex personal and business issues that divorcing business owners face, including the impact of the divorce on the couple’s children and the business’s employees.

If you are a business owner or the spouse of a business owner involved in a divorce, do not hesitate to contact the knowledgeable Chicago divorce attorney, Elliot Heidelberger at Naperville, Hanover Park and Chicago offices at (847) 497-5020 to learn more about your options.