Even if a spouse purchased the business before getting married, the business can become marital property if joint funds were used in the business or if the non-owning spouse made financial or non-financial contributions to the business. If your business was established or purchased during your marriage, it is almost certainly considered a marital asset. Both spouses have a right to an equitable, or fair, portion of marital assets. In an Illinois divorce, property is divided into two categories: marital and non-marital assets. Most Family Businesses Are Considered Marital Property
You will need to work with a skilled lawyer who has sufficient experience successfully handling business owner concerns during divorce. However, one thing is certain: addressing a family business during divorce is complex. The answers to these questions will depend on your unique situation as well as your plans for the future. Will we have to sell the business? Will we both receive an equal share of the business assets? How should we accurately value the business? Is it possible to continue running the business jointly after the divorce? If you or your spouse owns a business and you are ready to end your marriage, you may be overwhelmed with questions. When spouses own a family business, ending the marriage becomes even more complicated. Getting divorced is always a challenging life event to go through.
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