Getting Divorced While You Own A Business?
Our Belleville, IL divorce attorneys can help you protect your assets
Marital property division during a divorce sometimes involves the division of a business. A couple may own a restaurant, retail store or another business together. Dividing the business fairly can quickly become a very complicated and contentious issue. That's why it's critical that you have an experienced divorce lawyer on your side. That's why we want to help.
At Courtney ∙ Clark Law, P.C. in Belleville, Illinois, our law firm has years of experience handling such complex claims. Founding attorney Charles Courtney, Jr., who holds an economics degree from Southern Illinois University, is particularly known for his ability to handle cases involving business division and other complex divisions of property. We want to meet with you and help you navigate this complex aspect of your divorce.
You worked hard to build your business to where it is today. Make sure you receive your fair share. Make sure you talk to an attorney at our law firm. We can explain all the legal implications of divorce and how it could impact your business.
Legal issues that often come up
There are many legal issues that often come up during divorce proceedings involving the division of a business. One of the biggest issues that comes up is whether the business is co-owned or solely owned by one spouse.
If the spouses co-own the business, or if it was founded or acquired during the marriage, then it is likely considered joint property and subject to division, though there still may be dispute over how much of the business each spouse owns. If one spouse owns the business and acquired or founded it before the marriage, the court may rule that it is non-marital property not subject to division during the divorce, but this is subject to debate. For example, one spouse may have contributed to the growth of the business - whether directly by working there, or indirectly by taking care of the children or the home and allowing the other spouse to spend more time growing the business.
Other issues involving a business which can come up during divorce proceedings include:
- Actual value of the business
- Business assets and liabilities
- Who's responsible for paying business debts
- Issues of goodwill
Many other issues often come up during divorce negotiations, and all of them need to be taken seriously. We can help you every step of the way.
Your needs come first at our law firm
Business law can be complicated even under normal circumstances. When you add in divorce, the legal issues can quickly become even more complex. That's why it's important to talk with an attorney about the legal implications of each decision.
There may be a way for you and your spouse to preserve your business. You could just as easily make a mistake which jeopardizes the future of your business. That's why we want to review your available options and suggest which one we believe makes the most sense for you.