If you thought that nothing could make divorce more complicated than it already is, you might be surprised to learn that business ownership can do just that. If you own a business and are concerned about how the division of your marital property in your divorce will affect that business, it’s time to consult with an experienced Chicago complex divorce attorney.
When it comes to divorce, Illinois is what is known as an equitable distribution state. When broken down, this means the following:
If your business is strictly separate property or your non-marital property, you won’t need to address your spouse’s ownership in it or rights to the business ownership, shares, assets and the like in relation to your divorce, but the fact is that keeping a business (or any other asset) strictly separate throughout a marriage is an exceptionally high bar. If any of the following apply to your situation, there is a distinct possibility that the dividing line between separate property and marital property is less clear than you would like:
Therefore, any of these items may indicate that the business is a marital asset that will need to be addressed as such.
There are several proactive steps you can take that can help you maintain the separate nature of your business over time:
If your business – or part of it – is deemed marital, the rest will hinge upon its value, and obtaining a valuation that you are both willing to accept as accurate is likely to be an arduous process in which the court may intervene or appoint an expert business valuator.
Nothing complicates a divorce like business ownership does, and the seasoned Chicago complex divorce attorneys at WARD FAMILY LAW have a wealth of impressive experience helping clients like you successfully resolve their divorce-related business ownership concerns. We are here for you, too, so please don’t wait to contact us for more information today.
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