There is nothing simple about divorce. The high stakes and the revved-up emotions help to ensure that this is true. However, few things complicate the division of your marital assets (an already-complicated divorce term) like business ownership does. If you own a business and are facing a divorce, don’t delay discussing your concerns with a dedicated Joliet divorce attorney who has considerable experience successfully handling these challenging cases.
In Illinois, any assets or properties that you acquire while you are married are considered marital assets – the value of which must be divided equitably (or fairly) in the event of divorce. This means that if you started your business while you were married, your spouse is almost certainly entitled to his or her equitable share of the business – or something else of equal value. If this is the situation you find yourself in, obtaining a business valuation that you are both willing to sign off on is probably where you need to start (under the careful guidance of a skilled divorce attorney).
If you owned your business prior to marriage and kept it separate throughout your marriage, it will remain your separate property, but this is generally more complicated than it sounds for all the following reasons:
There are steps you can take early on to help protect your business in the event of divorce, including:
Suffice to say that business ownership in a divorce is nothing if not complicated, and you need an experienced Joliet divorce attorney in your corner.
The trusted Joliet divorce attorneys at Sabuco Beck, P.C. have a wealth of experience helping clients like you protect their business assets throughout difficult divorce proceedings. Our fiercely loyal legal team has the keen legal insight you are looking for, so please hesitate to contact us for more information 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