BSPE Legal Marketing Podcast
How To Value And Divide A Business In An Illinois Divorce - Russell D. Knight
From Law Office of Russell D. Knight – In this episode, we explore the intricate topic of "How To Value And Divide A Business In An Illinois Divorce." Divorcing couples in Illinois often face complex challenges when it comes to valuing and dividing business assets. Understanding whether a business is considered marital or non-marital property is the first crucial step, with significant implications for both spouses. We delve into the Illinois Marriage and Dissolution of Marriage Act, specifically 750 ILCS 5/503, to shed light on how courts determine and classify business assets.
We discuss key Illinois Appellate Court cases such as In re Marriage of Schmitt and In re Marriage of Schneider, which outline the principles and precedents for business valuation and division in divorce proceedings. Listeners will learn about the importance of establishing whether a business was acquired before or after marriage, and how contributions from both spouses, including personal effort and financial investments, impact the division process. The nuances of transmutation and the concept of marital versus non-marital property are also covered in detail.
The podcast also highlights the role of business valuation methods in these cases, referencing important cases like In re Marriage of Gunn and In re Marriage of Feldman. We explain the different approaches used to appraise a closely held business, including the income approach and asset-based methods. Understanding these valuation techniques is essential for accurately determining a business's worth and ensuring a fair distribution of assets. We also address the impact of goodwill and how it factors into the overall valuation of a business.
Join us as we provide practical insights and guidance on navigating the complexities of dividing business assets in an Illinois divorce. From court precedents to statutory guidelines, this episode offers valuable information for anyone facing this challenging process. Whether you are a business owner or a spouse seeking fair division, tune in to "How To Value And Divide A Business In An Illinois Divorce" and equip yourself with the knowledge to handle these matters effectively.
Law Office of Russell D. Knight
1165 N Clark St #700, Chicago, IL 60610, United States
(773) 334-6311
https://www.google.com/maps?cid=13056420905624162796
From Law Office of Russell D. Knight – In this episode, we explore the intricate topic of "How To Value And Divide A Business In An Illinois Divorce." Divorcing couples in Illinois often face complex challenges when it comes to valuing and dividing business assets. Understanding whether a business is considered marital or non-marital property is the first crucial step, with significant implications for both spouses. We delve into the Illinois Marriage and Dissolution of Marriage Act, specifically 750 ILCS 5/503, to shed light on how courts determine and classify business assets.
We discuss key Illinois Appellate Court cases such as In re Marriage of Schmitt and In re Marriage of Schneider, which outline the principles and precedents for business valuation and division in divorce proceedings. Listeners will learn about the importance of establishing whether a business was acquired before or after marriage, and how contributions from both spouses, including personal effort and financial investments, impact the division process. The nuances of transmutation and the concept of marital versus non-marital property are also covered in detail.
The podcast also highlights the role of business valuation methods in these cases, referencing important cases like In re Marriage of Gunn and In re Marriage of Feldman. We explain the different approaches used to appraise a closely held business, including the income approach and asset-based methods. Understanding these valuation techniques is essential for accurately determining a business's worth and ensuring a fair distribution of assets. We also address the impact of goodwill and how it factors into the overall valuation of a business.
Join us as we provide practical insights and guidance on navigating the complexities of dividing business assets in an Illinois divorce. From court precedents to statutory guidelines, this episode offers valuable information for anyone facing this challenging process. Whether you are a business owner or a spouse seeking fair division, tune in to "How To Value And Divide A Business In An Illinois Divorce" and equip yourself with the knowledge to handle these matters effectively.
Law Office of Russell D. Knight
1165 N Clark St #700, Chicago, IL 60610, United States
(773) 334-6311
https://www.google.com/maps?cid=13056420905624162796