Divorce can turn life upside down, but the stakes are even higher when you and your spouse co-own a business. Not only is your personal relationship ending, but your shared livelihood may also be on the line. Questions about ownership, valuation, and the division of business assets can make the process overwhelming. A knowledgeable Will County divorce lawyer who is experienced in asset distribution can help you navigate these challenges and work toward a solution that preserves as much stability as possible.
Is a Business Considered Marital Property in Illinois?
Under state law, most property obtained during a marriage is generally treated as marital property, even if it is held in only one spouse’s name. Additionally, if one spouse owned the business before the marriage, any growth in its value during the marriage may also be considered part of the marital estate. Under 750 ILCS 5/503 of the Illinois Marriage and Dissolution of Marriage Act, courts presume that all property acquired during the marriage is marital unless proven otherwise.