• 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 a Small Business in a Divorce

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

July 30, 2017 by Law Offices of Ronald L. Bell

If you and your spouse own a small business and are divorcing, assets and debts will be divided between the parties as part of a property settlement agreement. This may include the division of common assets such as the marital residence, vehicles and bank accounts and it may include the division of a business interest, which can prove more difficult to value.

Illinois Divorce With a Family Business

When valuing a business for the purposes of marital property division in a divorce, job one is determining whether the business interest is separate or marital property. If the business interest was acquired during your marriage with joint funds, it will likely be considered marital property.

On the other hand, if the business interest was owned prior to the date of marriage or acquired with separate funds, it may be considered separate property.

However, keep in mind that just because a business interest was acquired prior to the date of marriage doesn’t mean the non-owner spouse is cut off. The financial or labor-related contributions made by a spouse to a business during the marriage will figure into the equation when dividing the asset.

For example, if one spouse acquired a business interest years before marrying but used marital funds to improve or expand the business physically or through an advertising campaign, the non-owner spouse is entitled to half of the money invested plus half of any increase in value due to the financial contribution.

Contact an Experienced Illinois Complex Divorce Lawyer for Help

Divorce with a family business is inherently more complex, so it is important to work with an experienced complex divorce lawyer to protect your interests. Contact Libertyville, Illinois complex divorce lawyer Ronald L. Bell PC & Associates at 847-495-6000 for answers to your questions regarding Illinois property division when a business interest is at stake.

Category iconProperty Division Tag iconIllinois complex divorce attorney

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