Dividing property is part of the divorce process. It can become quite complex, however, when a family business is at stake. Each spouse might have a different opinion on how to divide the business and its assets. What is fair to one spouse might not seem so fair to the other. In addition, the parties may not agree on what the business is worth.
At Ronald L. Bell & Associates P.C., let us help you sort through these complicated issues. Since 1980, our firm has represented clients throughout Libertyville, Lake County and northern Illinois. We understand how to resolve family law matters, including property division, in an effective, fair and professional manner.
Dividing The Business
A family business is one item commonly lumped into the property division for many people as they go through the divorce process. In Illinois, courts decide property division issues based on what is most equitable. This does not always mean the parties obtain a 50/50 distribution. It does not mean that each party will get exactly one-half of each asset.
Dividing the family business could be based on a number of factors, including:
- Whether the business was owned by one spouse prior to the marriage
- Each spouse’s contributions to the business
- The business value
- Other relevant factors
Lake County Complex Property Division Attorney Serving All Surrounding Counties
Businesses, unlike cash, cannot be simply divided. Courts often give each spouse an interest in the business based on the value and other factors. For this reason, business valuations are typically done by appraisers and other experts. Divorce with a family business is thus more complex.
We encourage our clients to reach an agreement with their spouse whenever possible. After decades of family law practice, however, we know that is not always possible. Whether through negotiation, settlement or litigation, we keep our clients’ goals in mind as we pursue their objectives and protect their interests.
Schedule an Initial Consultation — Call Today
We offer strategy sessions to meet your needs. Schedule your strategy session with lawyer Ronald L. Bell by calling us at 847-495-6000. You can also fill out our online contact form. Offsite, evening and weekend times are available.
Payment plans and credit cards are accepted.