Courtney ∙ Clark Law, P.C.Courtney ∙ Clark Law, P.C.
Practice Areas

Property division: What happens to a small business in divorce?

No divorce is ever simple, even uncontested divorces in Illinois have some aspects that need careful consideration. The challenges typically involve property division, especially if the couple or one spouse owns a business. If not handled with care, a small business owner can lose everything that he or she worked to build up over years.

Problems can be avoided if a business that existed prior to the marriage was addressed in a prenuptial agreement -- as long as that agreement is valid in the eyes of the court. If ownership or division of the business is not included in a marital contract, the court will determine whether it is separate or marital property. Anything that one spouse brings into a marriage is typically separate property, and assets acquired during the marriage are marital property that gets divided.

However, even assets owned by one spouse before the marriage can become marital property if it is commingled. However, if the business is not allocated to one spouse in a prenuptial agreement, the court might determine that the value of the business before the marriage is separate property. Any accrued value during the marriage would likely be deemed marital property -- especially if the other spouse contributed to the growth of the business.

Small business owners in Illinois might find that securing the services of an experienced divorce attorney could be an invaluable asset. A lawyer can answer questions and explain the rights of each spouse in the property division process. Furthermore, legal counsel can provide support and guidance throughout the divorce proceedings, including issues related to child custody, alimony and more.

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 Law, 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

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