Top Considerations for Business Owners Getting Divorced in Illinois
Same Day & After Hours Appointments Available | In-Person or Zoom Meetings | Over 20 Years Experience
Anyone getting divorced will need to address financial concerns, including the division of marital assets and debts. Business owners will have many additional concerns and things to consider when divorcing. If you own a business and you are thinking about divorce, it is important to consider how the split will influence your divorce (and vice versa). A divorce lawyer experienced in divorce involving business owners can help you avoid costly mistakes and ensure that you make the best decisions possible for your particular circumstances.
Determining Ownership of a Business
Business owners often assume that their business belongs solely to them. However, many businesses are considered either fully or partially marital property. This means that both spouses have a right to an equitable share of the business.
If a spouse founded a business before the couple married, the business may be considered non-marital property. However, the increase in the value of the company may be marital property.
Valuing a Business in Preparation of Divorce
Whether a business is marital or non-marital property, it is usually a good idea to have a business professionally valued during a divorce. Spouses may use separate appraisers or the same appraiser to determine the value of the company. Business appraisers usually use one of three approaches to value a business: the income approach, market approach, and asset approach.
Dividing the Value of the Business
Business owners have many options during property division in their divorce. Some choose to sell the business and split the proceeds. Owners may also compensate their spouses for their share of the business by assigning them assets of equivalent value. For example, the business owner may retain the business, but the other spouse keeps real estate properties. Spouses who co-own family businesses sometimes remain co-owners even after they divorce. However, individuals pursuing this option should work with an attorney to ensure that the correct legal protections are in place.
Source: https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm
Contact an Arlington Heights Divorce Lawyer
If you are a business owner who is getting divorced, you need a divorce attorney who understands the unique challenges faced by business owners and entrepreneurs during divorce. Schaumburg divorce attorney Arkady Reifman from Reifman Law Offices has nearly two decades of legal experience handling divorce and other family law issues. Mr. Reifman can help you understand your options during divorce and pursue the course of action that is best for you and your business. Call 847-229-8433 for a free, confidential consultation.
At Reifman Law Offices,
we will take the weight of dealing with family legal issues off of your shoulders.
Call Us 847-229-8433
Related Articles
What Our Clients say about us
Arkady Reifman is an excellent divorce attorney who delivers a high-quality service. He helped me with my case with personal attention to details, responsiveness to questions, and very good communication skills in court and in writing letters. He also speaks...
Great lawyer, to the point and gets things done.
Affordable and very helpful , gets back to you asap and updates you in timely manner , Thank you so much for your help ... If you're looking for a lawyer that has you in mind REIFMAN will not disappoint,...
Great attorney, Always available and responsive and will give the best advice!
Firstly, I want to thank Mr. Arkady Reifman for the amazing and professional services he provided me with. Whenever I had a question, he explained thoroughly and carefully and adjusted to my circumstances when I didn't understand he always did...
Arkady Reifman is an excellent attorney who really goes above and beyond for his client, I'd trust him with anything, do not hesitate to call him.
In a divorce, you need advocates. Advocates that are willing to listen, empathize with your situation and quickly ascertain what rights and entitlements one has. I was fortunate enough to be paired with Arkady Reifman. From our first meeting, I...
Very professional, straightforward and empathetic. I went through one of the most difficult times in my life and was glad to have Arkady by my side throughout the process. I was very impressed by the great level of attention that...
Arkady handled my divorce case several years ago and I would, and have, recommended him to my friends and family. I hired Arkady after another attorney has botched my case. Not only was Arkady professional and knowledgeable, he took the...
Arkady handled my divorce case. He has done a great job understanding my needs and was able to prepare a divorce contract that covered the detailed scenarios for what was needed. As a result, my divorce process was less painful...
Arkady took care of my divorce case. He has done an amazing job understanding my needs and was able to prepare a divorce contract that covered the detailed scenarios of what was needed. As a result, my divorce process was...
I was seeking a simple uncontested divorce and I came to the right place. The consultation was over an hour and was free. Arkady took the time to understand my situation and guided me through the process which others I...
I contacted Arkady for an uncontested divorce. I received a detailed extensive free consultation and was able to figure out the remainder of the details I needed to work out with my spouse in order to finalize the process. With...
I hired Arkady to help get some rights back that I should not have lost during my divorce. Ex-wife (who has full custody of our child) told daycare that my current wife could not pick up my daughter at daycare....
I am thrilled with my results. Arkady was exceptionally professional. He was able to find a resolution for my complex situation where I thought there was no solution. He is a strong professional with a thorough knowledge of the law...
Very Reasonable rates, easy process, and thorough explanation. Arkady was recommended to me for an uncontested divorce. I had recently met my future husband and needed to get an uncontested divorce as soon as possible. Arkady provided an excellent flat...
Reasonable Rates, dedicated service, and excellent results. I had a very difficult divorce, Arkady was able to put the correct protective orders in place, got a great Guardian ad Litem for my child and helped me gain full custody. Arkady...
Professional, compassionate and knowledgeable. I worked with Arkady on my uncontested divorce. We originally thought one set of documents was going to do it for us. However, my ex hired an attorney and I needed to protect my interests. After...
I had four divorce attorneys and one real advocate. My divorce lasted for several years and I went through multiple divorce attorneys in the process. Finding that most just want to drag their feet and get paid. Arkady proved otherwise,...
I interviewed multiple firms before I decided on Arkady Reifman. After interviewing Arkady I had a very comfortable feeling and I knew that I was going with the right professional for my situation. Arkady understood the challenges and concerns I...
Arkady is a great attorney. He listens very well, commits great focus to your case and works for the best possible outcome. It is very refreshing to meet such a hardworking and compassionate advocate. I am impressed at how knowledgeable...
Arkady Reifman was recommended to me by a relative and I'm happy I decided to go with him to represent me in my divorce case. His fees are reasonable, communication was clear and to the point, and he explained the...
We contacted Arkady to help get a divorce settlement for my guy. It had been almost a year and his original divorce attorney did nothing to help. We gave him our retainer and he worked diligently to help us. Only...
Arkady Reifman is a seasoned and professional attorney. I appreciate his help in providing counsel which was effective in the completion of my case.
Mr. Reifman has handled with great discretion and high competence several matters of importance for our family and we highly recommend him.
Arkady Reifman represented me in my divorce case. He was always very supportive through a painful time in my life. I feel secure and confident every time after conversation with him. He also was always very prompt to respond to...
Thank you Mr. Arkady Reifman for representing me in my divorce case. With your guidance and experience of the law. I would recommend you to family or friends or anybody who ask for a family lawyer.
Great attorney, professional, exceeded my expectations, very thankful!!!
Attorney Arkady Reifman was professional on working on my case. Answer all my questions with everything I had. Highly recommend this Attorney
If you are in need of any legal service, talk to this firm first. Our family has used Mr. Reifman's service to resolve a complex child support matter that involved a defendant that tried every legal maneuver to delay his...
Arkady is an excellent attorney. He took my complex divorce case and handled it with compassion and pure professionalism. The result was far better than I had expected. Arkady handled my case effectively and made the process as painless as...
Contact Us Request a free consultation today !
We assist individuals and families in Cook, Lake, and DuPage counties.
Schaumburg Office
Northbrook Office
Attorney Advertising. This information is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Past results and testimonials are not a guarantee, warranty, or prediction of the outcome of your case, and should not be construed as such. Past results cannot guarantee future performance. Any result in a single case is not meant to create an expectation of similar results in future matters because each case involves many different factors, therefore, results will differ on a case-by-case basis. By providing certain contact information herein, you are expressly authorizing the recipient of this message to contact you via the methods of communication provided.
NUVEW | Copyright 2024 All Rights Reserved | Accessibility Notice | Privacy Policy | Disclaimer | Resources | Sitemap