Divorce Attorney for Business Owners in Chicago

For a business owner, a divorce is not just the end of a marriage; it is a complex legal event that can directly impact the company you have worked so hard to build. Untangling personal and business finances requires a sophisticated legal strategy and a deep understanding of Illinois family law. At WARD FAMILY LAW, LLC, we recognize the unique challenges entrepreneurs and professionals face during a dissolution of marriage. Our firm will help you protect your interests, both personal and professional, with the discretion these high-stakes cases demand.

Unique Challenges for Business Owners in Divorce

Divorce proceedings for business owners involve several complex considerations that go beyond a standard divorce. Key issues that must be addressed include:

• Business Valuation: Accurately determining the value of your business is a critical first step. This often requires the involvement of financial experts to assess everything from tangible assets and revenue to goodwill.
• Asset and Debt Division: Distinguishing between marital and non-marital business assets is essential. Illinois law presumes that any increase in business value during the marriage is marital property, which is subject to equitable division. This includes the allocation of any business-related debts.
• Impact on Operations: A divorce can create uncertainty and disrupt daily business operations. We work to minimize this disruption, ensuring the continued success and stability of your company.
• Spousal Involvement: If your spouse was involved in the business as a partner or employee, their role and potential future involvement must be carefully negotiated.

Protecting Your Business and Your Future

In Illinois, marital property and debt are divided “equitably,” which means fairly, but not necessarily equally. For business owners, this makes legal representation crucial. The court will consider many factors, including each spouse’s contribution to the business and the overall financial picture of the marital estate.

At WARD FAMILY LAW, LLC, our attorneys have extensive experience handling the intricate financial details of divorces involving closely-held businesses and professional practices. We can collaborate with trusted financial professionals, including business valuators, to ensure an accurate and comprehensive assessment of your business assets. Our meticulous approach allows us to advocate effectively for your interests during settlement negotiations or, if necessary, in court.

A Personalized Approach for Every Client

We understand that your business is more than just an asset; it is your livelihood and legacy. That is why we take the time to understand your specific needs, concerns, and objectives. Our firm provides personalized guidance through every step of the process, from the initial financial disclosure to the final judgment. We believe in clear communication and will ensure you feel informed and supported throughout your case.

Navigating a divorce as a business owner requires a legal partner who can protect what you have built. Contact WARD FAMILY LAW, LLC, today to schedule a confidential consultation and learn how our experienced attorneys can help secure your business and your future.