Effects of Divorce on Business Owners
Marriages are similar to business relationships under the law. Couples share assets and responsibility for liabilities, unless otherwise outlined in legal documents. Getting divorced, therefore can be a complex process, especially for individuals or couples who own businesses.
If you are separating from your spouse, you need to understand the effects of divorce on business owners. The decisions you make can threaten your ability to maintain a business entity and achieve a fair resolution in the division of assets. Our team of lawyers at Manassa Hartman, P.C., is well-versed in complex business management issues and their overlap with legal action. We can help you protect your interests and determine what options will result in the most favorable outcome for you and your business.
Business Assets And Marital Property
Some business owners want to ensure that they will retain ownership over the entity once their divorces are final. Others have businesses that are family-owned, and need to be sure that the business will be fairly divided as marital property.
How can you determine which assets are considered marital property versus nonmarital property? This will depend upon:
• The marital agreements that were in place when you were married (prenuptial agreements)
• Whether or not the business was owned by one of you prior to getting married
• Whether or not the business changed enough in the course of your marriage to be considered marital property
Even if you are the only person involved in owning and managing your business, your spouse may have a right to its assets. His or her contributions to the marriage (raising children, sacrificing career opportunities, supporting the family home, making financial investments) can be considered integral in your business's growth.
Our firm can help you understand how Illinois family courts will categorize and value your business assets. We will advise you on what legal decisions will likely lead to a favorable outcome while carefully drawing attention to issues of taxation, intellectual property, retirement accounts and other complex business issues. Contact our firm online or by telephone at 847-221-5511 for a free consultation.
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