Illinois women who are business owners and are getting a divorce have unique financial issues that have to be addressed. Their business, whether it is under their sole ownership or is shared with their spouse, may be their most valuable asset, and it is vital that they know exactly how much it is worth.
In addition to its value, factors such as the future growth of the business and its debts and liabilities have to be carefully examined if a soon-to-be ex-spouse wants part of the company in the divorce settlement. For women who are currently business partners with their spouse, knowing the value of the business helps them determine what type of payout they may be owed if their spouse wants to purchase their ownership interest.
It is essential to determine the precise value of the business before divorce negotiations get started. Women will be able to obtain equitable buyout terms with regard to how much they, as the sole owners of the business, may have to pay their spouse as a condition of the divorce settlement. The equitable buyout would also apply to what they would be owed if they wanted to exit a business partnership or how much they would have to pay if their spouse wanted out.
The process of extracting one's finances from a future ex-spouse can be stressful and complicated. It can also be difficult to separate oneself from a jointly owned company or make sure that the company stays solvent while a spouse is attempting to take a portion of it in a divorce settlement.
A family law attorney may protect the interests of clients who are business owners and who want maintain ownership of their company. Litigation may be used to obtain favorable settlement terms regarding the division of business assets and other property.