For many couples, the division of assets is one of the most contentious issues in divorce. When business interests are involved, the property division process can become more complicated. If you or your spouse is a business owner and you are getting divorced in Illinois, it is imperative that you obtain skilled legal representation.
At Taege Law Offices, our Chicago family law attorneys have extensive experience handling cases involving the division of business interests and business assets. We work tirelessly to help our clients find practical and effective solutions. To get immediate help with your divorce case, please do not hesitate to contact our Chicago law office today.
Similar to other property, business assets are divided and distributed pursuant to the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/). When preparing for a divorce and considering the impact it will have on a business, the first question that must be answered is the following: Are the business interests marital property or are they non-marital property?
This is important because non-marital property is not subject to asset distribution. In contrast, marital property will be divided in accordance with the Illinois equitable distribution standard. Under this standard, all marital assets — including business holdings and business interests — must be divided between the spouses in a ‘fair’ manner.
Before property can be divided, its fair market value must be known. With certain classes of assets, valuation is relatively straightforward. It is not difficult to put a monetary value on the proceeds of a savings account. However, businesses can be very challenging to value. It is crucial that business owners seek a comprehensive business valuation during the early stages of their divorce. Only when you know the true market value of the business, taking into account all of the company’s assets and debts, will you be able to move towards dividing the business.
Business owners who are getting divorced in Illinois need clear objectives and a workable plan of action. If your business is a marital asset, these are some options available to you:
The option that is best for you will depend entirely on your future plans, your goals, the state of your business, and the unique nature of your relationship. An experienced Chicago divorce lawyer can help you weigh your options and craft a plan of action to help you find the very best solution.
At Taege Law Offices, our Chicago divorce lawyers have the skills and experience needed to represent you if your dissolution involves any business interest. If you or your spouse owns a business and you are separating, you need a qualified attorney by your side.
To set up a free, fully confidential review of your case, please do not hesitate to contact our legal team at (312) 228-5800. From our law offices on the North side of Chicago, we handle family law cases throughout Illinois.
Making a Decision to Divorce
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Beginning the Divorce Process
Custody/Parental Allocation Issues
Custody/Parental Allocation Issues
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1415 N. Dayton St., Suite 3D East
Chicago, IL 60642
800 E. NW Highway, Suite 506
Palatine, IL 60074
Phone: (312) 228-5800