Valuing a Small or Medium-Sized Business in an Illinois Divorce
When a couple divorces in Illinois and one or both spouses own a business, determining the value of that business is an essential step in dividing marital property fairly. Illinois law treats closely held businesses as marital property to the extent they were created or grew during the marriage. The court must therefore determine the business’s fair market value as of or near the date of dissolution.
1. Common Valuation Methods in Illinois Divorces