In Illinois, a divorce can significantly impact a business, especially if it qualifies to be included as part of the division of marital assets. The state follows an equitable distribution rule, which means that marital property is divided fairly, and that can include a business. How the company is affected depends on several factors, and you should review the matter with an Illinois family law attorney to understand your rights. At Calabrese Associates, P.C., we can assist with asset division and how it relates to your business.
Business Classification
First, how can you know whether the business is marital or non-marital property? It is marital property if you started or acquired the business during your marriage. If so, it is subject to division. It does not matter which spouse ran the business. Even if only your name is on the business, it still may be considered marital property if marital efforts and funds were involved in the company’s growth.