At SAM LAW OFFICE LLC, our Arlington Heights business owner divorce lawyer, has the experience that matters when you need legal help the most. Divorce is hard—especially for business owners. If you have any specific questions or concerns about going through a divorce as a business owner, we are here to help. Contact our legal team today for a confidential consultation.
If you own a business in Illinois, it is crucial that you understand that your business may be—but is not always—considered a marital asset in the event of divorce. Illinois is an equitable distribution state, which means that in a divorce, marital assets are divided in a manner that is fair and reasonable but not necessarily equal. A business could be classified as a marital asset if:
You cannot effectively handle a business in a divorce in Illinois unless you know exactly how much it is worth. The value of the business will play a significant role in determining the distribution of assets in the divorce settlement. Of course, valuing a business is not easy—especially if it is a small, mid-sized, or closely-held company. A business valuation will take into account factors such as revenue, expenses, assets, liabilities, and future growth potential to determine its worth.
Collaborative solutions often work best for business owner divorce cases in Illinois. These solutions prioritize communication and cooperation between the parties to reach a mutually acceptable settlement. The approach can be particularly beneficial for business owners, as it allows both parties to protect the future of the business and minimize the risk of disruptions to the operations of the company. Of course, there are exceptions. Business owners may need to take strong, aggressive action to protect their rights during a divorce.
Business owner divorce is notoriously complicated. At SAM LAW OFFICE LLC, we have the specialized skills and proven experience to help clients navigate the legal process. We are proactive and future-focused. Among other things, our Arlington Heights divorce lawyer is ready to:
At SAM LAW OFFICE LLC, our Arlington Heights divorce attorney has the professional skills and legal expertise to help business owners with divorce. Contact us today to set up your completely confidential, no-obligation consultation. We handle business owner divorce cases in Arlington Heights and throughout all of Northeast Illinois.