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Chicago Divorce Attorneys Representing Business Owners
Business owners in the Chicago area often face distinct issues when they go through a divorce. In some cases, business owners are in a partnership with their spouse, and they co-own the business together. Sometimes the spouses are both owners in a larger business they share with other members or shareholders. In yet other scenarios, still, maybe only one of the spouses owns the business, yet much of the business assets are likely to be classified as marital property and subject to division. When your business is part of your divorce case, you may need to make a decision about whether you will need to sell or dissolve the business and whether the business can remain operational after the divorce.
Dealing with a business in a Chicago divorce can be extremely complicated, and you should have an experienced Chicago divorce lawyer who can represent your interests. At Arami Law, Inc., our divorce lawyers for business owners in Chicago have been representing clients for years and can discuss your case and your options with you today.
Common Issues for Business Owners in a Chicago Divorce
Business owners can face a variety of issues when they go through a divorce. While many of the divorce matters in their cases will be governed by the Illinois Marriage and Dissolution of Marriage Act (IMDMA), other laws pertaining to business valuation and dissolution also may be applicable. Some of the common issues that business owners face in Chicago divorces include but are not limited to the following:
- Valuing the business, including its monetary assets and other aspects of the business such as goodwill;
- Classifying the business as non-marital or marital property;
- Negotiating a marital settlement agreement in order to keep the business in the ownership of one spouse;
- Dividing business assets, including complex property owned by the business;
- Determining whether the business will be able to remain open if it is subject to distribution in a divorce;
- Buying out a business owner as a result of a divorce case;
- Dissolving or closing a business due to divorce; and
- Selling a business.
Valuing and Dividing a Chicago Business in Divorce
Properly valuing and dividing a business can be one of the most difficult issues in a divorce involving business owners. There are multiple different methods for valuing a business, and you will need to decide what type of valuation system to use in addition to finding an expert who can properly appraise the business. Depending upon the specific facts of your case, it may be necessary to close or sell the business if you cannot reach an agreement with your spouse, or to buy out your spouse’s share of the business if you want to keep it open after the divorce is finalized.
All of these issues will require help from a Chicago divorce attorney who has experience assisting Chicago business owners.
Contact a Chicago Divorce Lawyer Serving Business Owners
Business owners in Chicago who are getting divorced should always hire an aggressive Chicago divorce attorney with experience handling business assets in divorce cases. Businesses and specific business assets can pose significant complications in an Illinois divorce, and it is important to have experienced counsel on your side. Contact Arami Law, Inc. today to begin working with a divorce attorney in Chicago.
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