Should I Sell My Business if I Am Getting Divorced?

 Posted on August 15,2023 in Illinois Divorce

When someone gets a divorce, emotional and financial considerations often play a role in the handful of decisions made throughout the proceedings. What to do about significant assets often plays a major role in the divorce of many couples. Of all the significant assets a couple may possess, few are more complex than a business. If you own a business and are getting divorced, the question of whether you should sell the business will likely arise at some point. Such decisions require careful consideration of various legal aspects and their potential implications.

Today, we will examine the factors to consider when deciding what you should do about your business. Discuss these factors with your divorce attorney and listen to their professional opinion as to how you can wisely move forward and make a decision that is right for you.

Get an Idea of What the Business is Worth

Of course, you need to determine its value accurately before you can think about seriously selling your business. There are a couple of different ways to approach the valuation of a business. You may decide to use the market approach, the income approach, or the asset approach. Depending on the circumstances of your situation, you can take a look at each approach and decide what is best for you and your business. That is if you do decide to sell. Even if you are still deciding whether to sell, it may be wise to see what your business is worth. Knowing its worth may make the decision simpler to make.

Comprehending the Legal Implications

Of course, selling a business during a divorce can have significant financial and legal implications. Here, as is valid with virtually every step in a divorce, seeking the advice of your experienced divorce lawyer should be a top priority, especially for divorce attorneys with experience in cases handling business owner clients. Your attorney will make sure you can make the most well-informed decision possible.

Explore Alternative Solutions

While selling your business during a divorce may seem the most straightforward approach, alternative solutions are worth considering. For instance, you could explore negotiations involving buying out your spouse’s share or finding a business partner to help you manage the business post-divorce.

Contact a St. Charles Divorce Attorney

Trust the experienced Kane County divorce lawyers with Weiler & Associates, Inc. for skillful and determined legal representation through all aspects of your divorce. Call 630-331-9110 for a private consultation today.

Source - https://www.bnymellonwealth.com/insights/three-options-for-handling-a-private-business-in-a-divorce.html