Top Considerations for Business Owners Getting Divorced in Illinois
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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.
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