When a business is part of the marital estate in an Illinois divorce, it is essential to value that business as accurately as possible in order to divide the assets fairly between the spouses. However, business valuation can be a tremendously complex process, requiring the input of a team of professionals with knowledge in accounting, finance, and management. Today, we will discuss what you can expect during a business valuation as part of asset division during an Illinois divorce.

Necessary Steps During a Business Valuation

The first step in a business valuation is to identify all of the assets and liabilities associated with the business. This includes tangible assets, such as equipment, inventory, and property, as well as intangible assets, such as goodwill, customer relationships, and intellectual property. It may also include liabilities such as outstanding debt and unpaid taxes.

Once the assets and liabilities have been identified, the next step is to determine the value of those assets and liabilities. This is typically done through a combination of methods, such as cash flow analysis, comparative market analysis, comparative market analysis, and asset-based analysis. The specific methods used will depend on the nature of the business and the industry in which it operates.

Ending a marriage can be a major legal undertaking. Divorcing spouses may need to address the division of marital debts and property, including retirement accounts, investments, real estate, and other property. If they share children, they will need to address the allocation of parental responsibilities and parenting time and create a parenting plan. Child support and spousal support may also be crucial issues in an Illinois divorce. 

Fortunately, there are several alternative dispute resolution methods available for divorcing spouses in Illinois. These methods may help you reach a resolution without a contentious courtoom trial. 

Mediation 

Mediation is a type of alternative dispute resolution for legal issues that involves parties coming together to discuss their issues and try to reach a resolution on their own without court input. Discussions will be facilitated by neutral, third-party mediators whose roles are to help parties negotiate a workable settlement.

Abuse is defined under 750 Illinois Compiled Statute (ILCS) § 60/103(1), as physical abuse, harassment, intimidation of a dependent, interference with personal liberty, or willful deprivation. Although many people think that domestic violence or abuse only involves physical harm, other non-physical harms are also classified as abuse under Illinois law. 

Domestic violence is not limited to married couples as it is always possible that an unmarried couple could also be dealing with domestic violence. The Law Offices of Douglas B. Warlick & Associates represents individuals who are both the victims of domestic violence as well as alleged offenders in these cases, and we have more than three decades of experience handling these types of cases.

Common Kinds of Domestic Violence

Some of the most common signs of domestic violence can include:

Discovery is the legal process in which both parties to a legal action exchange information about the witnesses and evidence they intend to introduce during a divorce case. This process can lead to the disclosure of incredibly sensitive and important information, such as tax returns and other financial documents, medical records, or child-related information. Discovery can help both sides in a divorce get a clearer view of the other side’s current status and know what assets and debts may be applicable in the case. 

Types of Discovery Issues

Discovery is typically informal or formal. Informal discovery involves the voluntary release of information by the parties. Formal discovery usually occurs in court and may involve interrogatories, notices to produce documents, depositions, or subpoenas. Interrogatories involve questions one party asks another. The Illinois Supreme Court approved a series of standard interrogatories specifically for divorce cases. 

A notice to produce is a request from one party for some kind of tangible good, usually a document, the other side has. When one party does not respond or object within 28 days, the other party may send a 201(k) letter requesting a conference at which discovery issues must be resolved before any motion to the court can ask to compel responses for discovery.

When two parents are divorcing and have a child or children, it can be incredibly difficult for the spouses to try and determine a workable child custody agreement. Illinois recently changed the language used to describe child custody. “Parental responsibilities” refers to a parent’s ability to make important decisions in a child’s life, such as where they will attend school and what religion they will practice. “Parenting time” relates to the physical care and supervision of a child. 

If you are getting divorced in Illinois and you share children with your spouse, you will be asked to create a parenting plan that describes the allocation of parenting time and parental responsibilities. If you and your spouse cannot agree on these matters, the court may need to intervene. 

Disagreements Regarding the Parenting Plan May Necessitate Court Intervention 

Parents divorcing in Illinois use a parenting agreement or parenting plan to describe how the children will be cared for. It can be difficult for many parents to reach a mutually agreeable parenting plan. Sometimes, the court orders the parents to attend mediation, where they work with a neutral third party to develop a parenting plan.