You recognize that divorce is difficult. There are the emotional hurdles – in addition to financial hurdles (not to mention matters related to your children if there are minor children involved). This is true for all divorces, but if your divorce involves a business, you can expect it to be that much more challenging, and you need the professional legal counsel of a dedicated Joliet divorce attorney with extensive experience in this complex aspect of property division on your side.
Any property that you and your spouse acquired over the course of your marriage (regardless of who made the purchase or whose name is on it) is marital property, and in the State of Illinois, this property must be split equitably (or fairly given the involved circumstances) between you in the event of a divorce. Any property that you bring into the marriage with you and keep separate throughout, however, will remain your separate property.
If one of you brought a business with you into your marriage – and kept it separate throughout, which is difficult to accomplish for wide-ranging reasons – that business will remain your separate property, but any increase in value is considered marital property (to be divided equitably), and this is just the tip of an immense iceberg of complications when it comes to business ownership and divorce.
If your business is marital property to begin with, the complications inherent to dividing it in divorce can be immense. Consider the following:
If your divorce involves the division of a business, you can expect the process to take longer, but protecting your financial rights is too important to rush the matter.
If you are facing a divorce involving a business, the focused Joliet divorce attorneys at Sabuco Beck, PC understand the seriousness of the matter and have a wealth of impressive experience helping clients like you achieve beneficial property-division terms. For more information about how we can help, please don’t hesitate to contact us today.
See the difference family makes at Sabuco Beck, P.C.
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950 Essington Road Suite B
Joliet, IL 60435
Phone : (815) 730-8860
Fax : (815) 730-8865
500 Bob Blair Road
Minooka, IL 60447
Phone : (815) 467-0270
Fax : (815) 467-0271