Roberts, P.C.

Call Us630-668-4211

2100 Manchester Road, Building B, Suite 1085, Wheaton, IL 60187

DuPage County Divorce Attorney for Business Owners and Executives

Glendale Heights Small Business Owner Divorce Lawyer

Law Firm Protecting Businesses During Divorce in Wheaton and Glen Ellyn

Business owners put a great deal of blood, sweat, and tears into their entrepreneurial ventures, and after their years of effort, they want to be sure their business can continue operating, no matter what happens in their lives. Unfortunately, divorce can often threaten a family-owned business, and determining how to fairly and equitably divide marital assets between divorcing spouses can be a complicated matter when business interests are involved.

After working hard to build your business, you will want to do everything you can to ensure that it survives the end of your marriage. As a former business litigator, Attorney Chuck Roberts understands how closely held as well as publicly traded businesses work and the issues that business owners must address during divorce. At Roberts, P.C., we can help you reach a divorce settlement that protects your financial interests.

Divorce and Business Assets

If a business was founded or acquired after spouses were married, any business interests owned by either spouse are considered marital property which must be fairly and equitably divided between divorcing spouses according to Illinois law. During a divorce, it is essential to determine the value of business interests. This may be done through a variety of methods, including calculating the value of inventory, supplies, and other business assets, or by examining projected earnings and growth potential.

If a business was owned by one spouse before the spouses were married, it is considered non-marital property that is not subject to equitable division. However, if the value of the business increased during the marriage, this increase in value may be considered marital property, and if a spouse contributed to a non-marital business by providing effort or funds, the other spouse may be required to reimburse them for those contributions.

A business owner may be able to preserve their marital business by purchasing the other spouse's ownership share through a direct payment or by allowing them to retain ownership of marital property that is similar in value. If one spouse does not have the financial resources to buy out the other spouse's share of the business, spouses may choose to continue co-owning the business, acting as partners following the dissolution of their marriage. In these cases, the divorce settlement should provide one spouse with the ability to purchase the other spouse's share of the business at some future date.

Business owners can address the potential impact of divorce on their business by making decisions about ownership of the business through a prenuptial or postnuptial agreement. A prenuptial agreement can be used to protect business interests owned prior to getting married, and a postnuptial agreement can make decisions about ownership of interests in a business founded or acquired while a couple is already married.

Contact a Burr Ridge Divorce Lawyer

Protecting your investment in your business is likely to be one of your top priorities during your divorce. To ensure that your business will not be negatively affected, it is essential to have a knowledgeable, experienced attorney on your side. Attorney Chuck Roberts has worked with a wide variety of business owners, sports figures, and officers of publicly traded companies in divorce cases, and he can help you reach a positive resolution that protects your business from negative consequences during your divorce.

If you want to know more about how we can help you protect your business during divorce, contact us at 630-668-4211 to schedule a free consultation. We serve clients in Naperville, Oak Brook, Glen Ellyn, Hinsdale, Carol Stream, Glendale Heights, and throughout DuPage and Kane Counties.

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