Not only is divorcing an emotional decision that results in you and your partner parting ways, but it may also be a large financial decision, too. When couples in Illinois divorce, they must determine how any property that they own will be divided. For property owners, this can pose a particularly difficult dilemma.
Illinois is an equitable distribution state, which means that all non-marital property will be given to the spouse who owns it, and all marital property is subject to division in a manner that is fair. Marital property is considered all property acquired during the course of the marriage, with the exception of property that is gifted or left to a party through inheritance. A business, then, could be considered joint or separate property, depending upon the specifics of the situation.
If a business is considered marital property, however, then both spouses have a stake in it. Couples are encouraged to come to a property agreement out-of-court – a few potential ways of dividing interests in a business include:
In order to even entertain any of the potential options listed above, it is essential that the business is valuated and that the income and resources of both parties are fully disclosed. Working with an experienced attorney who can help you to ensure that your spouse is not hiding any assets, and that a business valuation occurs in a fair and accurate matter, is essential. At the offices of Women’s Divorce & Family Law Group, we work closely with a number of independent business appraisers and other financial experts who can assist you with both.
In addition to determining what your business is worth, as well as the value of all other marital property, our attorneys can also draft and negotiate a potential business division offer that protected your best interests. If your case goes to court, we will be prepared to competently and effectively present your case and advocate for you.
When you are going through a divorce, having your business, or a portion of your business taken from you too is the last thing you want to face. At the offices of Women’s Divorce & Family Law Group, our experienced Chicago attorneys focusing on divorce for business owners are ready to help you to understand the complexities of divorce for business owners, and what your options are. Contact us today to schedule a consultation and learn more.
100 Saunders Rd.
Lake Forest, IL 60045
3333 Warrenville Rd.
Lisle, IL 60532
77 W. Wacker Drive
Chicago, IL 60601
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