A divorce case where a family business or other professional practice is part of the property distribution can quickly become a complicated matter, requiring financial experts and appraisers. It is critical that you understand how the income generated by the business or practice has the potential to be valued incorrectly.
At the Law Offices of George M. Sanders, P.C., our founding attorney has experience with complex financial and transactional matters coming from a big law firm, and can apply that knowledge to cases involving business valuation issues.
The Law Offices of George M. Sanders, P.C. opened in 2005. Prior to opening his own firm, Mr. Sanders worked at several large and successful commercial litigation law firms during a 20-year span in New York and Chicago, including Dewey Ballantine LLP in New York City and Holland & Knight LLP in Chicago. He graduated summa cum laude from St. John’s University with majors in economics and finance and attended the University of Chicago Law School.
If you or your spouse has an ownership interest in a business that is involved in the production of goods and services, valuation can be determined by an analysis of the company’s balance sheet. When a family business is involved, it is important that a careful review of the income received from the business and the value attributed in the property distribution calculations is completed correctly.
When the business consists of a professional practice, such as a law firm or private accounting firm, much of the value of that business depends on what is known as “good will.” This means that people pay for the services because of the reputation, knowledge, or skill of a particular professional. In the event that the professional was not to be part of the business, the value of the business is likely to be much less. When there are partnership interests to be included in the analysis, the proper valuation can be even more difficult to determine.
If you are concerned that your business may suffer because of your divorce, or that you may not receive a fair share of a family business, contact our Chicagoland divorce law firm or call our office at 312-624-7645 to set up an initial consultation. We can work to protect your assets and help you understand your rights with respect to a complex business valuation matter.
We are available to help clients throughout Chicago, including Cook County and the surrounding areas.