The cost and difficulty of a divorce can vary significantly depending on the divorcing couple’s finances. Owning a family business can often make the process more difficult. If you and your spouse own a business, either together or separately, you might be worried about what will happen to it during your divorce.
Determining the value of a business and how it should be handled can cause conflict during a divorce. A Wheaton, IL divorce attorney can help business owners with their divorce, explain your options, and protect your financial interests. At The Stogsdill Law Firm, P.C., our attorneys have over 100 years of combined experience. As one of the most prestigious firms in DuPage County, we handle divorces involving business owners with care and attention to detail.
Should We Sell the Business in an Illinois Divorce?
Illinois follows the rule of equitable distribution. This means that marital property is divided fairly, but not always equally. Illinois courts consider several factors when dividing marital property. These include each spouse’s income, needs, and contributions to the marriage. Of course, dividing a business is not as simple as dividing the funds in a bank account.