Valuation of a business or professional practice can be the most important financial issue in your divorce. At Lake Toback in Chicago, our lawyers enlist the assistance of forensic accountants and other experts to ensure your interests are protected prior to proceedings.
Business Valuation Methods And Divorce
Some or all of a business may be marital property and subject to equitable distribution, depending on when the business was started, how it was funded during the marriage and the contributions of the non-owner spouse.
Business owners may attempt to make a business seem less valuable by removing cash, paying money to nonexistent employees or vendors, or by delaying business contracts until after the divorce is final. Our attorneys are experienced in uncovering these and other hidden assets in divorce.
Our law firm uses highly trained forensic accountants to look into accounting practices in order to gather evidence that can be used in court. These highly trained experts sift through deposits, withdrawals, receivables, tax records and other financial information to gain an accurate business valuation, which may also include the good will value of a business.
Not all businesses have value that is divisible in divorce. For example, a service business may not have value as an ongoing concern without the contributions of the owner. In some instances, simply the name of the business may add value. It is critical that you have a skilled business valuation lawyer who can negotiate a favorable agreement on your behalf or, if necessary, make a compelling case on your behalf at trial.
Alan Toback has been named one of the top 10 divorce lawyers in Chicago by the Chicago Sun-Times in 2000. He is a past president of the Illinois Chapter of the American Academy of Matrimonial Lawyers and has been listed for inclusion in Illinois Super Lawyers magazine on numerous occasions. Steven R. Lake is often interviewed by news media and has been featured as a legal expert on CNN, NBC, MSNBC, FOX and "Good Morning America."
Contact Our Illinois Forensic Accounting Divorce Lawyers
Lake Toback is located in the heart of Chicago's Loop. Our office is five blocks west of Lake Shore Drive and 10 blocks east of I-90/94, at the southeast corner of Washington and Dearborn streets. To speak with a Chicago business valuation attorney at Lake Toback, call 312-288-8985 or contact us by email.