My husband wants me to agree to his accountant's valuation of the business he started up during our marriage. He says this will save money on attorneys fees and quickly settle our Illinois divorce, should I agree?
In high income or high net worth cases one side or the other may attempt to persuade their spouse to agree or "stipulate" to the value of a "marital business." Many times a high income or high net worth spouse will use various techniques of persuasion or threats including such statements as:
- The business has no value since it cannot be sold.
- The actual business value resides in the personal goodwill I have created so that if I left the business it would have no value since the customers would only deal with me.
- The debt exceeds the value of the physical assets and therefore the business has no value or a limited value.
- I will simply close the business and you will receive nothing.
These attempts at persuasion may or may not convince the other spouse. The object of the game is to avoid having an expert evaluate the business and determine the present fair market value of the marital portion of the business so that you as a spouse can receive your fair share....