For business owners, protecting the future of their business is a critical personal matter. It represents years of hard work, sacrifices, and financial investments. However, during a divorce, the business could be considered a marital asset and may be subject to division.
Whether a business is split or remains untouched can depend on factors such as when the business was established, each spouse’s role in it, and any existing protections. If you are concerned about what will happen to your business during your divorce, an Illinois family law attorney can offer personalized guidance to help you secure your hard-earned assets.
What Determines Whether a Business Is a Marital Asset?
In Illinois, marital property is any asset acquired by either spouse during a marriage, regardless of who holds the title. As a result, these assets are subject to equitable distribution in the event of a divorce. There are important distinctions to note when determining marital property: