St. Charles Owned Businesses and Divorce Attorneys

Family Owned Businesses and Divorce Lawyers Serving Kane County

A family owned business is a source of pride for most people. When there is a divorce in the family, however, the business can be in jeopardy. Business interests that are acquired during a marriage are considered marital assets and are subject to division in a divorce. Finding a way to protect the business while ensuring a fair settlement or judgment can be a complex task.

At the Kane County divorce law firm of Goostree Law Group we are skilled in handling divorces involving family owned businesses. Our experienced attorneys strive to negotiate or litigate the best possible outcome for you and your business.

Dividing Family Owned Businesses in a Divorce in Kane County

Dealing with dividing business interests in a divorce is often complicated. When the business is family owned, it can be even more so, particularly if there is not a prenuptial or postnuptial agreement in play. The best way to divide the business interests depends on who owns the business, who operates the business, and a number of other factors.

There are two common scenarios for family-owned businesses involved in a divorce:

• One spouse owns a business with members of his or her family – If one spouse has been solely or primarily involved in a business, the best option is typically for that spouse to retain ownership in the business and for the other spouse to receive a greater portion of other assets. Selling the portion of the business included in the marital estate might not be feasible, and it could be detrimental to the health of the business. Finding other solutions is often more beneficial for family members who are involved in the business, and it can ensure that the business owner will be able to continue earning an income and, if necessary, providing spousal support for the other party.
• Both spouses own the business together – When both spouses regularly participate in the day-to-day operations of a business, determining who will keep it can be very difficult. If both spouses can continue to work together amicably, an ownership contract can be drafted to protect each person's current and future interests. If they are unable or unwilling to get along to manage their business, other options may include selling the business or letting one spouse effectively buy the other spouse out by ensuring that they will maintain ownership of a greater portion of other marital assets.

Contact Our St. Charles Divorce Attorneys for Family Businesses

If you are getting a divorce, and your marital estate includes interest in a family owned business, contact us at 630-584-4800 to schedule a free consultation. We will discuss your legal options and provide our experienced opinion on the best way to proceed to protect your financial interests and the health of the business. Our attorneys work with clients throughout Northern Illinois, including Kane County and the surrounding counties.