Ending a marriage in court is never any easy process, as many Illinois residents who have gone through it may attest. Extenuating circumstances can complicate matters even further, such as disagreements regarding care and upbringing of children or marital property, etc. When a divorcing couple owns a business together, a business valuation is typically needed before a judge can determine its asset value and how it should be divided, if at all.
How can anyone determine the exact worth of a business? That's obviously nearly impossible, as "worth" is a subjective term. A business might mean much more to one person than another. Thus, the system is set up to scrutinize fair valuation of a business, which generally entails several different approaches.