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Tag Archives: divorce and business

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 family law attorneys, divorce tax implicationsWhen a couple divorces and children are involved, there is a lot of discussion that goes into the tax implications of custody and support. However, the tax consequences of every aspect of divorce should be considered, especially when it comes to businesses and real estate. The division of income producing property, businesses, and real estate can have significant impacts on the final division of assets and liabilities in a divorce.

Tax Implications for Businesses 

Income producing property, such as rental property or commercial buildings, can add a whole new level of complexity to a divorce case. Depreciation of income producing property decreases the value of the property over time, yet any improvements made to the property increase the underlying basis. It is important that you have a professional evaluate the adjusted basis of the property before determining how it should be divided in a divorce.

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
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
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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