When an Illinois couple gets married, they rarely think their marriage isn’t destined for eternity. Many couples do stay married for decades but a large percentage also end in divorce. A divorce is often complicated, but if the couple owns a business, the asset division portion of a divorce can problematic.
Many Illinois residents own their own business. These businesses are vital to the backbone of our society and many have been in the family for generations. During a divorce, the family business can be a contentious issue. During a divorce, the court will decide whether the business is separate or marital property. If the business was acquired during the marriage using joint funds, then the business is marital property. If the business was acquired before the marriage it may be separate property, but there are important exceptions to this that may need to be worked through.
The next step in working through the business is determining the valuation. It is important for a person to make sure the business is valued fairly, using experts if necessary. If the valuation process is not taken seriously, one person can be left out of a significant asset. If the business is owned by both spouses, there are three options a couple can take with the business. The first is where one spouse keeps the business and buys out the other spouse’s interest. The second is where both spouses keep the business. And the third is where both spouses sell the business.
A legal professional who is skilled in divorce can help their client through the divorce process. If a business is involved an attorney has the skills and resources necessary to make sure their client is treated fairly and receives their fair share of the marital assets.