A person's interest in a family business can be hotly contested issue during the Illinois divorce process. For one, it can be difficult for a court to determine exactly how much a family business is worth and how much of its value, if any, should be subject to property division. In many cases, establishing the value of a closely held business will require the assistance of an appraiser or other expert.
A previous post on this blog talked about how, in reality, it was a rather amazing thing that the divorce of two well-known real estate moguls ended with an out-of-court settlement. The reason this was remarkable is that investment real estate, especially when the property is used for commerce, is difficult to put a precise value on. Beyond just the possible sale price, one has to also consider whether and to what extent the property can bring in rental income.
It recently became public that the 12-year marriage between two people who are giants in the commercial real estate market in another state legally ended.
In Illinois, courts are required to divide up a couple's marital property in the event of a divorce or separation. Basically, marital property is just about any asset, or debt, that either party either owns or owes.
There a lot of reasons why a doctor in the Peoria area may need to figure out how much her medical practice is worth, assuming of course that she is in business for herself. For example, she may wish to break off from her partners to take a new and better direction in her career, or she may have a hospital or larger practice interested in acquiring her patients and her expertise.
Many couples in the Peoria area may enjoy collecting fine art both from already famous artists as well as from those who may be up and coming in the art world. People with the money to do so may find this hobby quite enjoyable for a number of reasons.
It is important for those who are going through a divorce or legal separation, or even some sort of non-marital breakup, to be aware of the difference between market value and sentimental value.
Many families in Peoria, Illinois rely on a family business, sometimes a business they have been involved in since their own childhoods, for their income and livelihood.