For many people, property division is one of the most challenging aspects of divorce. When it comes to business interests, dividing property becomes more complicated. Typically, the two ways to consider property division during a divorce are shared marital property or individual property. Depending on whether or not spouses share a business, there are different ways to protect your interests legally.
Is Your Business Shared Property?
The first step in ensuring you retain maximum interests within your business during a divorce is understanding whether or not it is shared. Illinois law considers a business unshared if you owned the company before getting married, you built the business with inheritance or your own money, or a prenuptial or postnuptial agreement states that only one spouse owns the business.
A company may be considered shared marital property if:
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