What does a business owner stand to lose in a divorce?
A profitable business is considered an asset in an Illinois divorce. In order to fully understand how the divorce will impact your business, it is important to understand the difference between marital property and non-marital property.
What is Considered Marital Property
Property and assets acquired prior to your marriage are not considered marital property and may not be part of a divorce settlement. On the other hand, assets acquired during your marriage will be part of the marital property and are subject to division between parties.
If your spouse worked in the business, was made a partner, or otherwise had an investment in your business, it may be considered all or partially marital property. If your spouse is an employee of the business, they may even be able to keep their job with the company after divorce.
Profits and expansion of your business during your marriage can be subject to division and part of the divorce settlement.
As you can see, business ownership during a divorce can be complex and has many potential outcomes. Hiring experienced legal counsel during your divorce can have lasting effects on the future of your finances. Robert M. Kaplan PC is experienced and can guide you through the complex legal process of divorce and business ownership.