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Tag Archives: business marital property

Wheaton divorce attorneysDuring an Illinois divorce, a couple’s debts and assets are valued, summed, and then equitably divided. Of course, some assets are far easier to split than others. Take, for example, vehicles. Most couples have two – one for each spouse. In divorce, each typically takes their own vehicle.

The family home is far more difficult to divide, for both obvious reasons and not-so-obvious ones. Businesses are also extremely difficult to divide in divorce. Learn more in the following sections, including how an experienced divorce attorney can improve the outcome of your case.

Dividing a Business in Divorce

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DuPage County divorce lawyersWhile there are many challenges and obstacles to owning your own business, few come close to the potentially devastating impact of divorce. Sadly, small businesses are at an even higher risk because they are not typically prepared for a massive financial hit. What can you do to protect your business during a divorce, and how can an attorney help? The following explains.

When is a Business a Marital Asset?

Every state has its own divorce laws. Illinois, which is considered an equitable distribution state, considers all assets obtained during the marriage as assets. However, there are instances in which a business may be excluded from the couple’s marital estate, even if the company was established during the marriage. Likewise, there are situations in which a business started before the marriage can become a marital asset.

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DuPage County property division lawyers, business marital propertyThe concept of property division and divorce are familiar to most Americans. Using the Illinois Marriage and Dissolution of Marriage Act, a court will divide property between a divorcing couple in a fair and equitable manner. Dividing a business is much more complicated than dividing a car or the value of a home. Determining the value of a business is further complicated by the fact that the value of a business may fluctuate over time, increasing or decreasing in value at any point in time. If your spouse owns a business, how will an Illinois court value the business upon divorce?

Is a Business Marital Property?

A court will first attempt to determine whether the business is marital property. If your spouse started the business before the marriage and the profits and assets are kept separate from other marital assets, then a court is likely to find the business is not marital property. This means that your spouse’s business will not be divided between the spouses. On the other hand, if your spouse started the business during the marriage, and business deposits/withdraws funds from a joint account, or if business profits are used to pay common expenses, then a court may view the business as marital property and subject the property to division.

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Warrenville Office
Address28371 Davis Parkway
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Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone(630) 580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street, 7th Floor,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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