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.
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
With Demetrios, you don't have to worry about anything. He knows what he's doing. I have two lawyers before him. It was a long case and messed up for 2 years. Since Demetrios took my case, he finished it in a couple of months. He is very organized and smart, and he will take you through that very smooth process. Thank you so much Demetrios, I owe you a lot.
Demetrios Dalmares is a very good attorney. He did a great job in assisting me through my divorce. This is the attorney who will get the job done!
Demetrios has helped me through a very difficult time in my life. He is not intimidated by increased levels of challenges. He has been able to adapt to my unique circumstances and get over every hurdle with confidence. He's intelligent, kind and a good listener. I wholeheartedly recommend Demetrios and his excellent staff to all my family and friends. I assure you that his commitment to helping others is reassuring, and I hope it sets your mind at ease.
Mr. Dalmares was great to work with. He walked me through the process and kept me updated on any updates that had occurred. Highly recommended!
Thank you, Demetrios, for your tenacity, attentiveness and patience in working with me in finalizing my divorce. God Bless
5-star team, very helpful, very friendly, punctual. Hired for a paternity case and was very pleased with the outcome. Demetrios is great; I highly recommend!
I recommend Demetrios Dalmares with the highest praise as a divorce attorney. My divorce was settled quickly and without any unnecessary drama. I was updated regularly regarding the progress of my case. He was extremely knowledgeable, diligent and persistent. Demetrios Dalmares was clearly working in my best interest and the best interest of my three children. He is definitely the attorney you want on your side when going through a divorce. I cannot thank or recommend him enough!
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.