Wheaton, IL asset division lawyerOne of the painful realities of the divorce process is that you lose not just a spouse but can also lose financial assets. Asset division, which is the area of divorce law that deals with dividing a couple’s assets, is very complex and should be handled by a skilled divorce attorney.

The general rule under Illinois law is that any property or asset that was acquired by either spouse during the marriage should be equitably split with the other spouse upon divorce. There are exceptions to this, such as:

  • Inheritance

  • Gifts

  • Property acquired by using pre-marital assets as collateral

If you have a business, it may count as marital property depending on certain factors.

Is My Spouse Entitled to My Business?

There are a few cases in which your spouse may be entitled to part of your business. For example: