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DuPage County Divorce Attorney for Business Owners

DuPage County property division lawyer for business owners

Helping Business Owners Go Through Divorce in Illinois

While getting a divorce can be a difficult process in any situation, some couples may need to address complex financial issues as they determine how to divide marital property. This can be a significant concern for business owners, and in most cases, a person will want to make sure they will be able to maintain ownership of a family business and avoid any problems that could negatively affect their finances in the years to come. However, determining the best ways to address these matters is not always easy, so business owners or their spouses will need to work with an attorney who can provide guidance on how to protect their interests during the divorce process.

The lawyers of Farooqi & Husain Law Office have worked with divorcing spouses to address a wide variety of different types of financial issues. We are experienced in conducting business valuations, and we can help ensure that all of your assets will be considered properly as you legally dissolve your marriage. We work to protect our clients' rights at all times, and we can advocate on your behalf to make sure you will be able to achieve a fair and equitable outcome that will provide for your future financial success.

Understanding Whether a Business Is Marital Property

In many cases, the first thing business owners will need to consider as they prepare to divide property is whether a business is part of the marital estate. In general, any property that was acquired during the marriage is considered to be marital property, even if it is only in one spouse's name. This can include businesses that were started during the marriage or businesses that were purchased with joint assets.

If a business was started by one spouse before the marriage, it will generally be considered separate property, and the business owner will usually be able to maintain sole ownership. However, there are some cases where a business may have both separate and marital components. For instance, if a business was founded before the marriage, but the couple invested marital assets into it during the marriage, or if a business owner's spouse made significant contributions to its growth and development, such as by helping with marketing or managing the business's finances, a portion of the business's assets may be considered to be marital property. This can be a complex issue, and it is important to work with an attorney who can help determine how a business should be classified.

Business Valuation and Division

Regardless of whether a business is considered to be marital or separate property, it will need to be valued as part of the divorce process. This can be done in a variety of ways, but it is often best to work with financial experts such as appraisers or forensic accountants. These experts will look at different factors, such as the business's earning potential, its tangible assets, and any contracts or relationships it has with other businesses or individuals. Once the value of the business has been determined, the couple will have enough information to determine how it may be addressed when dividing marital property.

In some cases, one spouse may be able to buy out the other's interest in a business that is considered marital property. This can work well if one spouse has been primarily involved in managing the business. However, it is important to make sure that the buy-out price is fair, and it may be necessary to negotiate a payment plan so that the spouse who is giving up their interest in the business can be compensated over time.

Another option is for the couple to continue operating the business together after divorce, either as co-owners or through a partnership arrangement. This can work well if the couple has a good working relationship and can continue to communicate and cooperate with one another. However, it is important to have a clear understanding of each person's role and responsibilities, as well as how decisions will be made and how conflicts will be resolved.

If sole ownership or co-ownership of a business will not be feasible, the business may need to be sold, and the proceeds may be divided between the spouses. In some cases, it may be possible to sell the business to a third party, but in others, it may be necessary to dissolve the business and liquidate its assets.

Contact Our Oakbrook Terrace Business Asset Division Attorneys

If you are a business owner who is facing divorce, it is important to work with an experienced attorney who can help you protect your interests. At Farooqi & Husain Law Office, our DuPage County and Cook County divorce lawyers have proven experience handling complex asset division cases. We understand the challenges business owners and their spouses can face during divorce, and we will work with you to find the best possible solution for your family. To schedule a consultation, contact us online or call our office at 630-909-9114. We represent clients in DuPage County, Cook County, Will County, and Kane County.

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