When two spouses in Illinois agree on the value of a business during divorce, they may assume that’s the end of it. After all, if neither party is disputing the number, why would the court get involved?
But under Illinois law, the judge has the authority, and in many cases the obligation, to question that valuation and even order a formal business appraisal, particularly when financial complexity, ownership interest, or the potential for future disputes are at play. Even a couple’s agreement can be overridden in the interest of equitable division.
This issue is especially relevant in divorces involving family businesses, professional practices, or self-owned enterprises. It is also an area where a Cook County, IL divorce attorney like Attorney Ross with financial credentials — such as a CPA, Court-appointed guardian ad litem (GAL), and mediator — can make all the difference.