Divorce for Business Owners in Chicago

Dissolving a marriage is difficult from both a legal and emotional standpoint but there are even greater challenges when you are the owner of a business. Illinois law requires your interest in your business to be considered with making determinations on asset division and spousal support and there are many facets of owning a business that make this a monumental task.

Our Chicago divorce lawyers for business owners at the Law Offices of George M. Sanders, P.C. have been representing Chicago area business owners in divorce cases for more than 20 years. We have the legal knowledge and experience necessary to protect your ownership interest throughout the divorce process.

Illinois Property Division Laws in Divorce Cases

The Illinois Marriage and Dissolution of Marriage Act applies to all divorce proceedings in the state and it includes specific provisions about how to distribute assets between the parties. All property acquired during the marriage is subject to a just and reasonable distribution so it is first necessary to separate assets into marital and non-marital. Then, the process moves to the valuation of the property and dividing the assets fairly, which doesn’t necessarily mean equally.

With real estate, vehicles, bank accounts, and investment accounts, determining fair market value can be relatively straightforward. Likewise, the distribution of these assets according to the interests of equity is usually not complicated. For business owners, property division in divorce is much more complex.

Challenges with Divorce for Business Owners in Chicago

There are several key areas in which owning a business interest can create obstacles in divorce proceedings including:

• Separating Marital Versus Non-Marital: When one spouse owned the business before getting married but the other contributes significantly after they wed, it can be difficult to identify marital and non-martial elements of the business.
• Nature of a Business: Transferring the deed on a home or the title of a car is not difficult, but transferring ownership of a business is much more convoluted. A company’s holdings typically include stock and assets, as well as debts that must be addressed.
• Establishing Business Value: It is necessary to know the value of the business before you can address property division. Financial experts are required to perform this valuation because of the multifaceted process of valuing a business.

Legal Help from a Skilled Attorney Regarding Divorce for Illinois Business Owners

If you are going through divorce and own an interest in a business please contact the Law Offices of George M. Sanders, P.C. We are dedicated to achieving your objectives as a business owner whether you want to ensure the continuity of your company or liquidate your interest. Our lawyers represent clients in Chicago and the surrounding suburbs and we can help with all aspects of divorce cases.