Divorce for Business Owners in Barrington

Divorce for Business Owners in Barrington

Divorce for Business Owners in Barrington

Even divorces with little assets and no children can turn into complex legal matters. The level of complexity is known to increase when the divorcing couple owns a business together. Not only do they need to come to agreements on the typical issues in divorce such as spousal support, child support and custody, and asset and liability division, they also must decide what course to take with their business.  Couples who turn to experienced divorce lawyers for business owners in Barrington will have an advantage by knowing what their options are and receiving guidance specific to their situation. For your financial health and future and that of your business, schedule a consultation with an attorney from our firm today.  

Options for Your Business in a Divorce

Whether you have had your business for decades or only recently acquired the business at the desire of your spouse, it is better if you can look at the situation objectively.  It is important to keep your emotions out of your decision and think practically when it comes to your business in terms of your divorce. There are typically three options for couples to choose with their business upon their divorce: 

  • Co-ownership – If you and your spouse have an amicable relationship and intend to keep it that way far into the future, you can choose to continue to own and operate the business together. 
  • Buyout – If one spouse is no longer interested in the business or your relationship is not amicable, one spouse can exchange full ownership of the business for the equivalent in marital assets. In this situation, one spouse keeps the company, and the other gets the marital residence, as long as they are of relatively equal value and the parties are in agreement. Our divorce lawyers for business owners in Barrington can help determine the best way to split your combined assets should you choose a buyout.
  • Third-party sale – If neither spouse wants to keep the business or they cannot maintain an amicable relationship to run the business together, selling the company to a third party is likely a viable option. Upon its sale, the profits are divided between each spouse. 

The Importance of a Business Valuation

If you and your spouse agree on a buyout option or a third-party sale, you will need to have your business accurately valued. This involves hiring an outside professional, which our divorce lawyers for business owners in Barrington can help you hire. This individual will consider many factors to provide you with an accurate business valuation so that you can ensure that your buyout is fair or that you are selling the business for its minimum value.  

Contact Divorce Lawyers for Business Owners in Barrington

Learn more about options for your divorce and your business by meeting with knowledgeable divorce lawyers for business owners in Barrington from our firm today. We are on your side and will give you an honest opinion of the best steps available for you moving forward. We can answer your questions and make this process easier for everyone involved. Contact us now to schedule your free case consultation at SAM LAW OFFICE LLC. 


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