Business owners facing a divorce may have credible concerns over whether their business will survive the legal proceedings. Whether you are the sole owner of the business or share ownership with your spouse, you need dedicated legal guidance to diligently protect your business.

The attorneys at Lavin & Parisi, Attorneys at Law, offer practical, realistic guidance throughout a wide array of family law issues. Advising individuals and families across Illinois for the past 35 years, we can pursue the long-term interests of both you and your business.

Determining Whether Your Business Is Marital Property

Your business must first be determined as either marital or separate property. If your business was established during your marriage or both spouses made contributions to the business, it could be considered marital property. Contributions can be both financial and nonfinancial, including if the role of one spouse as a homemaker allowed the other to successfully grow their business.

Working Together With Experts To Consider Your Options

It is critical to get an accurate value of your business. We work together with business valuation experts, forensic accountants and other financial professionals, to arrive at a fair, accurate value of its worth.

You likely have several options to divide your business interests, including:

  • Buying out the interests of your spouse. This is a viable option if both spouses wish for the business to continue but do not wish to work together. We can determine a fair buy-out value.
  • Co-owning the business. If you currently co-own the business together and wish to continue with the current structure, this option could be best to resist unnecessary change.
  • Selling the business. When both spouses wish to instead sell the business and split the assets, selling to a third party or liquidating the business can be in your best interests.

If your business exists prior to your marriage, taking proactive measures to protect it from future uncertainty can be wise. We can assist in drafting a prenuptial agreement. In the event of a future divorce, you can have peace of mind in knowing your business is protected.

Discuss Your Divorce With A Lawyer

When a business becomes involved in a divorce, the stakes can be high. Attorney John Parisi and his team offer the practical representation you need. Schedule a complementary consultation at our office in Crystal Lake. Call us at 815-261-4894 or email us through our website.