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 the law office of Demetrios N. Dalmares & Associates, we are committed to providing legal assistance to business owners who are going through a divorce.
Under the Illinois Marriage and Dissolution of Marriage Act (I.M.D.M.A.), 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 are true, it is more likely than not that the business will be subject to division as marital property:
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.
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:
An experienced divorce attorney can help with your case.
Do you have a business? Are you getting divorced? It is important to have an experienced Illinois divorce lawyers on your side. An advocate at the law office of Demetrios N. Dalmares & 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.