• Skip to primary navigation
  • Skip to main content
  • Skip to footer
 847-495-6000
  • Facebook
  • LinkedIn
  • Twitter
Libertyville Divorce Lawyer, Lake County

Libertyville Divorce Lawyer, Lake County

Former Assistant Attorney General

  • Home
  • About Us
  • Attorney
    • Ronald L. Bell
    • Ronald L. Bell Media
  • Practice Areas
    • Family Law
      • Divorce
        • Uncontested Divorce
        • Same-Sex Marriage & Family Law
      • Child Support
      • Spousal Maintenance
      • Post-Decree Modification
      • Domestic Violence
      • Prenuptial Agreements
      • Child Custody & Visitation
        • Child Removal
      • Marital Asset Division
        • Non-Marital Property
        • Divorce with a Business
        • Disputes Over Personal Injury Proceeds
        • Division of Retirement Accounts
      • The Divorce Process
    • Personal Injury
      • Personal Injury Information Center
      • Truck Accidents
      • Pedestrian & Bicycle Accidents
      • Motor Vehicle Accident
      • Car & Motorcycle Accidents
    • Drug & DUI Defense
      • DUI
      • Drug Possession
      • Domestic Battery
    • Medical Malpractice
      • Failure to Diagnose Cancer
      • Birth Injuries
    • Business Law & Litigation
  • Reviews
    • Case Precedents
    • Photo Gallery
  • Forms
  • Blog
  • Contact Us

Dividing an Illinois Business in a Divorce

You are here: Home / Property Division / Dividing an Illinois Business in a Divorce

November 5, 2015 by Law Offices of Ronald L. Bell

A business is considered property, which may be divided when spouses divorce depending on whether the business is considered marital or separate property. There are basically three ways to approach the division of property with regard to a business: co-ownership, selling the business and dividing the profits, or buying out your spouse’s interest.

In some situations, both spouses continue to own the business following divorce, believing that they can work together despite changes in their personal relationship. If you and your spouse have an amicable split, this certainly seems viable, however, if there is a great deal of contention between divorcing parties, it may prove difficult to remain co-owners and you may want to look at other options.

Another possibility for divorcing couples is to sell the business, divide the profit and forge ahead independently. Although you and your spouse can make a clean break, selling a business takes time and there is a level of cooperation needed to make it happen.

If one of the parties has in interest in continuing the business, buying out the other spouse’s interest in the business is also an option. The buying spouse can either use cash or other liquid assets to pay off their ex-spouse or, as an alternative, the spouse could offer a larger cut of retirement accounts or more equity in the home in exchange for the other party’s portion of the business.

If you are considering selling the business or buying out your spouse, a valuation of the business must be performed, preferably by a professional business appraiser. An appraiser will compile relevant information for the particular business and apply the appropriate valuation method. Sometimes spouses will secure separate appraisers or may hire one appraiser they can agree upon.

If you are considering divorce, marital asset division with a closely held business can be complex. Securing experienced legal help is key. Contact the Law Offices of Ronald L. Bell for help with complex divorce or other family law issues. We have successfully represented clients in Lake County Illinois and surrounding communities for over 30 years – call today for help.

Category iconProperty Division Tag iconIllinois complex divorce attorney,  Illinois divorce lawyer,  property division with a Illinois business

Footer

Child Support Calculator

Calculate Support

Expertise Badge 2021

Search

Ron Bell wrote the book on Divorce in Illinois. Click here for free copy.

Divorce Book Available on Amazon

Ronald L. Bell & Associates P.C

Divorce Attorney

1113 S. Milwaukee Ave. Suite 204
Libertyville, IL 60048
Phone:  847-495-6000
Emergency Phone:  847-702-7502
Fax: 847-495-6001

Directions

Ronald L. Bell & Associates P.C. represents clients in Libertyville and throughout Northern Illinois, in areas including Chicago, Naperville, Vernon Hills, Gurnee, Barrington, Buffalo Grove, Deerfield, Fox Lake, Grayslake, Highland Park, Bannockburn, Lake Bluff, Lake Forest, Lake Villa, Lake Zurich, Lincolnshire, Lindenhurst, Mundelein, Waukegan, Zion, Crystal Lake, River Woods, Deer Park, Round Lake, Palatine, Rolling Meadows, Inverness, Prospect Heights, Arlington Heights, Schaumburg, Lake County, Cook County, McHenry County, Dupage County and Kane County.

© 2023 · Ronald L. Bell & Associates P.C. All rights reserved · Disclaimer · Privacy Policy · Sitemap · Return to top