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Wheaton asset division lawyer business valuationDuring a divorce, one of the biggest issues you must deal with is the asset division process. Everything that you and your spouse own together must be allocated between the two of you during this process. Illinois is an equitable division state, which means marital property should be divided in a fair manner. However, fair does not always mean equal. Most assets are easy to define and allocate, but what happens when you or your spouse own a business or a private practice that you must address?

Options For Your Business

Before you make any decisions, you should get a fair valuation of your business. It is important to know exactly what your business is worth before you start figuring out how to deal with it. There are various methods you can use to determine the value of your business. Your divorce attorney should be able to recommend an appraiser who can offer advice about your valuation.

When it comes to your business and your divorce, there are three main options that you have to choose from. You can buy out your spouse’s share of the business, you can remain co-owners, or you can sell your business. Each option has its own benefits, but your best option depends on your specific situation.

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