There are certain aspects of a divorce in Illinois that are the same for everyone. One is that everyone must either be separated for two years or both spouses must agree to waive that requirement. If they waive the two-year requirement, they still must be separated for at least six months. Another aspect is that everyone will need to divide the marital property. The complexity of the property division can vary greatly.
Some people only have a few assets, and they can agree on how to divide the assets. Nonetheless, some assets are much more difficult to divide. One asset that can be difficult to divide is a business. There are many aspects that must be determined when dividing a business.
To value a business, one must look at the past, present and future earnings of the business. Also, if the business was started prior to the marriage, part of its value will not be marital and will have to be separated when dividing it between the spouses. Moreover, each spouse’s contribution to the business and percentage of ownership in it will affect the division. Finally, whether the business will be sold or whether one spouse will continue running it will affect the final outcome. Obviously, as every business is different, each outcome will be different and must be analyzed separately.
There are many people who divorce in Illinois every year. Each divorce is unique, just like each marriage is unique. Some divorces are more complex than others. Family businesses only further complicate matters. Our firm has handled divorces with business ownership. For more information on how to handle divorces, please visit our divorce for business owners page on our website.