Have you ever wondered how a business will be valued when going through a divorce? The total value of the business will determine what you and your spouse receive in the divorce settlement. If you disagree with the results of a business valuation, you can challenge it. However, you need to have strong evidence to support your case.
Get Your Own Business Valuation
Get a business valuation from a neutral expert. This will give you a second opinion on the value of your business. When choosing an expert, make sure they have experience in business valuations and a strong understanding of financial matters related to divorce. Remember to get quotes and ask for references from other people.
Identify Flaws in the Other Valuation
The original valuation report method can have a major impact on the value of the business. Make sure to carefully check this valuation for any mistakes. These could be using old financial data, forgetting business assets, or using the wrong valuation method.
Present Your Evidence to the Court
Give the court your findings and proof. This might include your independent valuator’s reports, financial records, and expert testimony. The evidence should be organized and clear. You can use charts, graphs, and other visual aids to help explain the case. Strong evidence can make your case stronger.
Prepare to Negotiate
Even if you win, you may need to negotiate. You should be realistic about your expectations during negotiations. It is important to be willing to walk away from an unfair agreement. Be prepared to compromise and find a solution that works for everyone.
Exercise Patience and Be Ready for the Costs
The process of contesting a business valuation can take time and money. You will need to budget for the services of an independent valuator and an attorney. A well-prepared approach can yield positive results.
Seek Experienced Legal Help
Get legal help when challenging a business valuation. You will want an experienced family law attorney who understands complex financial matters. They can help you navigate the legal process and gather evidence to build a strong case.
Contact a Chicago, IL Business Valuation Attorney
When considering a business valuation challenge in your divorce, seek the guidance of a Chicago, IL, business valuation attorney as soon as possible. NextLevel Law, P.C. by Daniel R. Hernandez, Esq. can help you understand your options and develop a strategic plan to challenge the valuation effectively. With proper preparation and professional assistance, you can navigate this aspect of the divorce process with confidence. Call 312-442-2225 for a free consultation to discuss the next steps.