The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

Yorkville Office By Appointment

Initial Consultations via ZOOM Available

North Aurora property division attorney business valuation

The United States is known for many things, but one of the things that it is proudly known for is the welcoming and nurturing culture surrounding small businesses. According to the U.S. Small Business Administration, there were approximately 30.7 million small businesses in the country in 2019. If you are like any of the millions of Americans who own a small business, it is likely your most important and most valuable asset. This can prove to be tricky when it comes to divorce. You must determine what you will do with your company, but before you do, you will have to determine what your business is worth.

Methods for Valuation

The easiest way to deal with a business is to sell it and split the profits with your spouse. This, however, is not typically the desired route since most of the time, the business is the source of income. If you want to keep your business, typically you will pay your spouse a portion of the value of the company, but to do that, you must first determine the actual value of it. There are three basic approaches to valuing a business:

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North Aurora property division attorney

If you and your spouse own a home or other real estate, and you are planning to get a divorce, you must determine a way to divide the value of the home. In Illinois, marital property is subject to division in an equitable manner if you get a divorce. This does not necessarily mean that the value of all property is split in half and given to each spouse. Instead, the marital estate will be distributed equitably between the spouses based on a variety of factors. This means that one spouse could end up getting a larger portion of the marital estate. With that in mind, it is extremely important that you know the true value of your home before you begin the asset division process. Having your home appraised is a simple way to do this.

Benefits of a Home Appraisal

Home appraisers are often used when people want to sell their homes. An appraisal is considered an official “market value” of what a home is worth, and it can then be used to price a home to sell. Even if you do not plan on selling your home, getting an appraisal is an important step in knowing what your home is truly worth. Once you have it appraised, the appraiser will provide you with official documentation of your house’s value. This document can be used as proof of your home’s value in court or in negotiations involving the division of property.

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North Aurora divorce attorney property division

By far, one of the things that couples state is the most stressful during a divorce is the financial aspect of the proceedings. When you get a divorce, you and your spouse must come to an agreement as to how nearly everything the two of you own will be divided. This includes both tangible items, such as vehicles and your marital home, in addition to intangible assets and debts, such as bank accounts and credit cards. The courts encourage you to come to an agreement about the division of your property among the two of you, but that is not always possible. If the court must intervene, a variety of factors will be used to determine an equitable distribution of assets.

Dividing Marital Property

If you are like most married couples, you and your spouse probably jointly own most everything. This makes things easier during a marriage, but during a divorce, it can complicate matters. If you and your spouse both have your name legally attached to items such as vehicles, homes, other real estate property, or credit card debt, it may be confusing when it comes to dividing the property. Because many of these items cannot just be split in half, some creative methods are often used to accomplish the division in a fair manner.

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Geneva marital property division attorney

Divorce is not a simple process, even if you and your spouse are on good terms with one another. There are many issues you have to think about, from dividing assets to allocating parenting time to ensuring you receive the right amount of child support. When it comes to splitting up your marital assets, both spouses are required to give full disclosure about their assets and debts. However, there are several important issues that are often overlooked or forgotten when it comes to dividing marital property. 

Marital Property Division

When it comes time to create a list of your assets and debts, you probably have a good idea of what should be included. Assets include things such as bank accounts, real estate, vehicles, and other items of value. Debts include money that is owed on mortgages, auto loans, school loans, or credit cards. However, many people often overlook assets that are not as prominent as others.

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DuPage County asset and property division attorney

Engagement rings are common in today’s society for couples who plan to get married, but they have not always been. The first engagement ring was given in the 1400s, but they did not become popular in the United States until the 1940s when the De Beers Company launched the famous “Diamonds are forever,” campaign. Now, many couples see purchasing an engagement ring as an investment, with the average cost of an engagement ring in the United States being somewhere around $6,324, according to Business Insider. In the state of Illinois, the average cost of an engagement ring is a little higher at $7,110. Along with the wedding band, these can be highly sought items when the property is divided in an Illinois divorce.

Marital and Non-Marital Property

When it comes to property division, Illinois recognizes that there is a difference between marital and non-marital property. Only marital property is subject to division in a divorce. According to the Illinois Marriage and Dissolution of Marriage Act (IMDMA), all property that is acquired by each spouse during the marriage is considered to be marital property. However, there are exceptions to that rule. For example, property that is obtained by either spouse through “gift, legacy, or descent” or property acquired in exchange for such property is considered to be non-marital property and therefore not subject to division.

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The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

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