But What About the Business?! Learn About Your Options if You Are Ready to Divorce in Chicago, but You and Your Soon-to-Be Ex Own a Business Together
Owning a business with your spouse can be one of the most rewarding and fulfilling careers in a person’s life. However, when it comes to divorce, owning a business with one’s now “soon-to-be ex-spouse” can sure make things tricky. Indeed, many individuals and couples in Chicago who are preparing to end their marriage find themselves asking, “But what about the business?” The truth of the matter is that the answer depends on a variety of factors, including how the business was started, how it is structured, and whether it is considered marital property under Illinois law. Here we explain some of the basics of divorcing in Chicago when the divorce involves a jointly-owned business with your spouse, and where to go for legal help in Chicago now.
Marital Property Under Chicago Marriage and Divorce Laws: Where Do Businesses Fall?
In Chicago, most property acquired during the marriage is considered marital property, and that often includes a business, whether both spouses or even only one spouse has been actively involved in running it. This means that the business, or at least its value, may need to be divided as part of the divorce. Determining how to handle a business in divorce can be one of the most complex and contested issues couples face. For some couples, the business they created is like “their baby,” and splitting up can make things both financially and emotionally challenging.
Typical Steps for Dividing Up a Shared Business in a Chicago Divorce
If you and your soon-to-be ex do not agree on who should get the business, and you do not want to continue to run it together, the first step is usually to determine the value of the business. This often requires professional appraisers or financial experts. An accurate appraisal of the business’ value is critical because it affects how the business is divided and what each spouse may be entitled to receive. Relying on guesswork or online calculators is not enough for something as significant as a business that provides income and supports employees. Once the value of the business has been appraised, there are several options forward. In some cases, one spouse may buy out the other’s interest in the business, allowing the company to continue operating without disruption. In other cases, the spouses may decide to sell the business and divide the proceeds.
Getting Legal Help in Chicago with Your Divorce Case
If you are in the Chicago area and you are ready to divorce but you and your soon-to-be ex own a business together, do not try to navigate the process alone. It is always best to contact an experienced Chicago business valuation lawyer who understands both family law and business division issues. An experienced Chicago business valuation lawyer can help protect your interests, guide you through valuation and division, and help you make the best possible decisions for your financial future.
If you are in the Chicago area and you need legal help with your divorce involving a shared business with your spouse, contact the experienced Chicago business valuation lawyers at the law firm Arnoux Sharma Standeford, LLC. Contact Arnoux Sharma Standeford, LLC today and speak to a lawyer now.
