Protecting Assets in a Divorce in Illinois
In every divorce case, there are several legal issues that need to be resolved including child custody and parental responsibilities, child support, and spousal maintenance. One of the biggest and often most complex issues that needs to be resolved during a divorce is the division of assets. This can be especially difficult if one or both spouses own a business. In these situations, both spouses want to protect the business so that it survives after the divorce, but determining how to split and protect this asset can be complicated.
Our divorce attorney, Allen Gabe, at Barber Law Offices can help protect assets in a divorce in Schaumburg, IL, and Cook County. We will take the time to understand the assets involved, including large or valuable assets like a business, and work to protect business interests while ensuring a fair division. You can count on our attorneys to protect your interests in the business so you can continue to earn money from an asset you helped build.
Dividing Business Assets in a Divorce
Businesses that are owned by one or both spouses and founded or acquired after the couple got married are considered marital property which makes them subject to equitable division under Illinois law. In cases where one spouse owned the business before the marriage, it is considered a non-marital property. However, if the business increases in value during the marriage, the increase could be considered marital property that is subject to division. A spouse may also be entitled to reimbursement if they worked or contributed financially to a business owned by the other spouse before the marriage.
Before determining the best way to split an asset such as a business, you must obtain a proper valuation of the business. In many cases, financial consultants will determine the current value of the business assets and inventory, projected earnings, and potential for growth. They may also determine the percentage of marital and non-marital business equity for each spouse. Our attorneys at Barber Law Offices can bring in a financial consultant to help determine the true value of your business assets and work to preserve your business interests.
If one spouse wants to continue to own and operate the business after the divorce, they have the option of buying the share of the other spouse through the allocation of other marital property or a monetary payment. Divorcing couples may also choose to continue to work together to operate the business as co-owners after the divorce. In these cases, the divorce should include the drafting of an agreement that gives one spouse the right to buy out the share of the other spouse at any point in the future.
When one spouse owns a business before marriage, it is best to get a prenuptial agreement to help protect business interests in case of a divorce. A postnuptial agreement for businesses acquired or founded during a marriage can specify how to divide the assets or handle ownership in case of a divorce.
Barber Law Offices can help you protect your business’s interests. We will make sure your business is properly valuated and determine how to equitably divide the assets. If there is a prenuptial or postnuptial agreement in place, our attorneys will review the agreement and ensure that its terms are properly enforced. We will keep you informed of your rights and work to protect your business interests.
Call Our Divorce Attorneys in Schaumburg, IL
If you are going through a divorce with a valuable asset such as a business involved, our divorce attorneys will ensure equitable division while protecting your interests. We will work with financial consultants to ensure that your business is properly evaluated and work towards a fair solution.
You can speak to Allen Gabe at Barber Law Offices about protecting your assets in a divorce by calling 847-303-9780. Your initial consultation is free and confidential.
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