Courtney, Clark & Mejias, P.C.Courtney, Clark
& Mejias, P.C.
Practice Areas

Property division: What about the family business?

It is only natural for both parties in an Illinois divorce to be concerned about their post-divorce financial stability. What happens during the property division process will largely determine that outcome. Everybody wants to live comfortably as they move into a new life. One bone of contention in many divorces is shares in family businesses that were built by the hard work and sacrifices of both spouses.

Many divorcing spouses are shocked to learn that they are regarded as no more than ordinary employees of the businesses that were part of their lives for years. The truth is that without his or her name on the ownership documents of the company, that spouse will have no legal claim to a fair share of it. Even if the other party says his or her spouse is a part owner, it will not constitute legal ownership.

As soon as the idea of a divorce develops, it might be wise to check those company documents to see whose names are recorded as business owners. Other ways that may override the ownership documents are a prenuptial or post-nuptial agreement that allocates to each spouse a share of the business. If a person's business share is in jeopardy, it may be a good idea to have his or her name added on those documents before filing for a divorce.

An experienced divorce attorney in Illinois can answer any questions related to property division. A lawyer may also be able to assist with arranging to get the company documents modified to include the names of both spouses as owners. Every spouse has the right to fight for what he or she deserves after putting in as much effort as the other spouse to build a successful business.

Source: wotv4women.com, "How to keep your business partnership after divorce", Gail Saukas, Accessed on Aug. 18, 2017

No Comments

Leave a comment
Comment Information
Email Our Attorneys

Schedule A Free Consultation Experienced representation does not have to be out of reach financially. Call 618-207-3458 (toll free 866-921-8767) or contact us online to schedule a free consultation. Each of our lawyers has a strong reputation in the Belleville legal community. We will give you an honest assessment of your case and help you understand how we can help you.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Courtney, Clark & Mejias, P.C.
104 South Charles Street
Belleville, IL 62220

Toll Free: 866-921-8767
Phone: 618-207-3458
Fax: 618-234-8028
Belleville Law Office Map

    • ABA - American Bar Association
    • Illinois State Bar Association
    • County of St. Clair - State of Illinois
    • IACP | International Academy Of Collaborative Professionals