Hammering out divorce terms is rarely easy, but if there is a business involved, you can expect the process to be exceptionally complicated. Protecting the business you’ve poured your heart and soul into is obviously paramount, and having an accomplished Illinois divorce attorney with extensive experience handling these complicated cases in your corner can make a world of difference.
In the State of Illinois, marital property is divided equitably – or fairly – in the event of a divorce. Marital property refers to any assets, such as a business, that you acquired during the course of your marriage. This means that if you started your business while you were married, it is very likely marital property (except under very exacting circumstances). This does not, however, mean that you are going to have to sell your business and split the proceeds straight down the middle. The law understands that a business’s value can be greater than the sum of its parts (when sold), and the court will likely allow you to come up with an alternative to selling out. Options can include:
An important component of this division is establishing a value for the business that you are both willing to sign off on, which can be quite a feat in and of itself.
In Illinois, separate property is that property that either of you brings into the marriage and keeps separate throughout. If you owned your business prior to your marriage and you have either a binding prenuptial or postnuptial agreement in place that specifies its separate nature, your business is likely well-protected. Without such a contract, however, you must have kept your business separate throughout the course of your marriage for it to be separate property, and this can be a tall order. Any of the following can negate or modify the separate nature of your business:
Further, even if you carefully kept your business separate throughout your marriage, any increase in its value is very likely marital property. The best way to protect your business in a divorce is to work closely with an experienced Illinois divorce attorney.
Divorce is complicated, but a divorce involving a business is more so. The formidable Illinois divorce attorneys at Demetrios N. Dalmares & Associates, Ltd., have the experience, drive, and legal skill to help protect your interest in your business throughout the divorce process. We’re on your side, so please don’t wait to contact us and schedule your free initial consultation today.
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.
Demetrios saw my case to the end. Great outcome! Justice prevailed!
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.
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!
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.
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.
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
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
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.
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.
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.
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.
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.
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.