The Illinois Marriage and Dissolution of Marriage Act makes the answer to this question seem simple and indicates courts will “employ a fair market value standard.” However, this raises another question. How does the court determine “fair market value” for a marital business? There are three common approaches attorneys and the courts use to value businesses in dissolution matters.
Business valuation in dissolutions can become even more complex when Partnerships and Corporations are involved. In these cases, the partnership, shareholder, and/or operating agreements will need to be reviewed in order to come to a proper valuation.
If you are going through a dissolution matter and a marital business is at issue, contact the attorneys at Allison Mosby-Scott to ensure your business is properly valued and your legal needs are met.