Illinois Divorce for Business Owners Attorney
When you file for divorce in Illinois and own a business with your spouse, the division of marital property can become particularly complicated and contentious. Even if your spouse is not a co-owner in the business, the equitable division of marital property can mean that you will need to have your business valued and that you may need to consider selling or dissolving the business as part of the divorce.
What do business owners need to know about divorce? An experienced Illinois divorce attorney can speak with you today about your case. At Law Office of Demetrios N Dalmares and Associates Ltd., we are committed to providing legal assistance to business owners who are going through a divorce.
Valuing Business Assets and the Division of Marital Property
Under the Illinois Marriage and Dissolution of Marriage Act (IMDMA), marital property in Illinois is subject to division, and this can include businesses and related business assets. In most situations where spouses co-own the business, or even when only one of the spouses is technically the business owner, the business itself likely will be classified as marital property. Unless any of the following is true, it is more likely than not that the business will be subject to division as marital property:
- The business was formed prior to the marriage and only non-marital assets went into running the business;
- Spouses have a valid premarital agreement in which the business and related assets are not subject to division in the event of a divorce;
- The business was gifted to one of the spouses or inherited by one of the spouses; or
- The business was formed after a legal separation judgment.
There may be some other situations in which the business is not subject to division, but these situations are relatively rare. As such, if you are a business owner and are getting divorced, you should plan ahead to keep your business.
Retaining Your Business When Marital Property is Divided
If the business is indeed classified as marital property, what can you do to ensure that you are able to keep your business running during and after the divorce? An article in Entrepreneur Magazine recommends some of the following important steps prior to the distribution of marital property:
- Keep very detailed business records that make clear when separate (or non-marital) property has been used to run parts of the business or to keep the business going;
- Be willing to give up other marital assets during the phase of property division, which can ultimately mean that you will be able to keep the business if you are willing to forego, for instance, equity in the marital home;
- Seek a fair valuation of the business from a valuation expert; and
- Consider making payments to the other spouse for his or her share of the business over an extended period of time.
An experienced divorce attorney can help with your case.
Contact a Divorce Attorney in Illinois with Experience Helping Business Owners
Do you have a business? Are you getting divorced? It is important to have experienced Illinois divorce lawyers on your side. An advocate at Law Office of Demetrios N Dalmares and Associates Ltd. can speak with you today about your case and your options. Contact us for more information about our experience helping business owners through divorce in Illinois.
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Client Reviews
Chester G.
This place is 1000% recommendable! So far the process has been super smooth and easy to deal with. They placed all my worries out the window and I've slept better knowing they are on my team. Currently in tears knowing I'll be able to resolve this but sad that it's never going to be the family I thought I could have had. It's ok though, it's time to move forward. Thanks DnD.
Jean C.
Demetrios saw my case to the end. Great outcome! Justice prevailed!
Kay L
I would absolutely recommend Demetrios to anyone! He is all for his clients and most importantly honest. He helped me deal with a very difficult situation and got me what I deserved. I already have referred a few people to him and each one so far is very satisfied and happy with their results.
Kim K-I
Demetrios is honestly the best attorney to help through any divorce situation or custody battle. He will go above and beyond to make sure to guide you through it all. I have referred many people to him, and every person has been more than impressed. I even referred someone that needed immediate attention after hours, and he contacted her right away! I can promise you one thing he knows his stuff, and you won’t be disappointed!
Jenna
Demetri is extremely knowledgeable and confident In what he does. He is everything I searched for in a lawyer, I thank him for his determination and courage. I don’t see many lawyers leveling up with him in court, wouldn’t have wanted anyone else by my side during such a tough time.
Edmond
Demetrios is at the top of his profession. The combination of his knowledge and experience along with his experienced and dedicated staff guided me through my legal needs in a timely and compassionate manner. Certainly a monumental task during a pandemic. Thank you, Demetrios.
Murad
Super professional legal services law office. Highly strong communication skills and clients representation. Point-oriented legal path and service. More specifically, I had a very good experience upon hiring and dealing with Attorney Demetrios Dalmares as he understood all I wanted and walked me through all details required to achieve the desired goals with minimal losses. Good job Demetrios! Highly recommended. Good luck and will definitely refer if asked. Thank you
Thank you
Demetrios, I cannot thank you enough for you diligence, patience, knowledge, concern and determination to represent my best interest. From the bottom of my heart, you are amazing and thank you for all you have done for me. Robin
Success Stories
Wife Seeks Unreasonable Share of Business Assets During Divorce
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Husband: Couple shared ownership in a business, resulting in complex property division issues. After investigation of the couple’s financial history, our client received a much more equitable divorce agreement than what was originally offered.
Mother Requests Limited Parental Rights for Father with Violent Past
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Mother: Father became aggressive and violent toward Mother during their separation, prompting her to seek full custody of their children. At trial, the court granted Father supervised parenting time only and Mother was awarded child support.
Bitter Divorce Drawn Out by Poor Representation Until Law Office of Demetrios N Dalmares and Associates Ltd. Gets Involved
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Husband: Couple had been locked in a contentious divorce for nearly three years and changed lawyers several times. Law Office of Demetrios N Dalmares and Associates Ltd. provided the experience and organization needed to resolve the case within months, avoiding a trial for our client.
Husband Tries to Avoid Spousal Support Based on Outdated Earning Potential
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Wife: Wife left a successful career to raise children. When Husband denied spousal support based on Wife’s previous earnings, Law Office of Demetrios N Dalmares and Associates Ltd. countered with evidence that retraining was needed, and our client was awarded spousal support.
Husband Insists on Taking Divorce to Trial
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Wife: Husband tried to intimidate Wife into a divorce settlement that heavily favored his interests by drawing out the case. Law Office of Demetrios N Dalmares and Associates Ltd. represented Wife through trial, where she received an equitable share of marital assets.
Father Granted Child Support Adjustment Due to Mother’s Cohabitation
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Father: Mother began cohabitating with a new partner who made significantly more than our client. Law Office of Demetrios N Dalmares and Associates Ltd. successfully demonstrated that the new relationship justified a modification and obtained a favorable outcome through negotiation.