What Business Owners Should Know About Getting Divorced in Kane County, Illinois

 Posted on February 24, 2022 in Divorce

Owning your own business can be a fulfilling and lucrative way to earn a living. Whether you are a business owner or a non-owner with significant business interests, it is important to consider how business assets will be dealt with during divorce.

Businesses Are Treated Like Other Forms of Property in an Illinois Divorce

The Illinois Marriage and Dissolution of Marriage Act explains how property is addressed in a divorce. Assets acquired during the marriage are marital property belonging to both spouses. Non-marital assets are those assets that a party owned before the marriage. However, there are exceptions to these guidelines. Businesses, professional practices, investments, and business interests are subject to the same property division rules as any other asset in a divorce.

Determining Ownership Rights May Be Complicated

Understanding if your marriage is marital or non-marital property is not always easy. For example, consider a husband who owned a small business before marrying. According to Illinois law, property acquired before marriage is non-marital property belonging solely to the spouse who originally obtained the asset. However, if money from a joint account was used for the business or the other spouse contributed to the business’s increased value, the business may be classified as marital property.

You May Need a Professional Business Valuation

Before you can address your business or business interests in your divorce, you will need to know the present and future value of the asset(s). A business appraiser can evaluate the assets and determine what they are worth. You and your spouse may choose to use the same appraiser or separate appraisers.

A Skilled Lawyer May Help You Negotiate an Out-Of-Court Property Division Settlement

If you are like many people getting divorced, you probably hope to minimize the contention and expense involved in your divorce case. A knowledgeable divorce lawyer experienced in business valuation and division can help you decide the best way to handle your business. He or she can also help you negotiate property division terms before resorting to litigation. However, litigation is sometimes necessary, and it is important to have an attorney who can strongly advocate on your behalf during the divorce process.

Contact a St. Charles Divorce Lawyer

The greater your complex assets, the more complicated your divorce will likely be. The Kane County divorce attorneys at Goostree Law Group are highly experienced in both negotiation and litigation involving business assets. Call 630-584-4800 for a free and confidential consultation.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=8300000&SeqEnd=10000000