Solving Complex Legal Issues Involving Businesses and Professional Practices in a Divorce 

 Posted on April 17, 2023 in Illinois Divorce

Divorce is never easy, but the process can become even more complicated when business interests are involved. Whether you own a business, have a partnership, or are involved in other types of complex financial or business arrangements, hiring a skilled and experienced lawyer to guide you through the legal process is essential.

In this blog post, we will discuss some of the most challenging legal issues that arise in divorce and business cases in Illinois.

Business Division: Protecting Your Interests

When a couple divorces, dividing assets can be a complicated process, especially if a spouse owns a business. Business interests may be divided as part of the marital estate. In some cases, one party may have owned the business before the marriage or inherited it during the marriage. In these situations, it is crucial to identify the value of the business and the portion that should be considered marital property.

If you own a business, protecting your interests during divorce proceedings is essential. Your lawyer can help you negotiate a fair settlement that considers the value of your business and other factors such as debt and liabilities.

Business Owners and Support During Divorce

Unlike divorcing spouses with a typical 9 to 5, business owners' income varies. This can complicate the process of calculating child support or spousal support. For example, a business owner may not have much income in one year due to large investments and overhead expenses, while the next year they may experience an influx of profits.

Some business owners or entrepreneurs may misrepresent their income during divorce. It is important to work with an attorney to provide full documentation of a business owner's income, expenses, investments and any other financial information that pertains to the divorce.

Partnership Disputes: Resolving Complex Issues

In some cases, divorcing couples may have joint ownership of a business or be part of a larger partnership. Partnership disputes can arise when disagreements over ownership rights, management control, and financial responsibilities arise. These disputes can be particularly challenging to resolve, involving multiple parties with different interests and objectives.

Contact a St. Charles Divorce Lawyer

Divorce and business cases can be complicated and challenging, but with the right legal guidance, you can protect your interests and achieve a fair and equitable resolution. Contact a Kane County family law attorney to move forward and determine your next steps. Call Weiler & Associates, Inc. at 630-331-9110 to get started with your case today.

Sources:

https://www.irs.gov/taxtopics/tc452

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000