For business owners, the division of marital property required in the Illinois divorce process can be challenging regardless of their spouse’s involvement or role in the business. However, if you and your spouse are business partners as well as life partners, the process becomes even more complicated. In order to ensure a fair outcome that protects your interests, you should work with an experienced divorce attorney who can advise you on the implications of your decisions.
Are Businesses Considered Marital Property in Illinois?
While a business that you owned prior to your marriage may be considered your personal, non-marital property, a business that you or your spouse founded or acquired during your marriage is usually considered marital property, even if the other spouse is not involved. If you and your spouse started or purchased a business together during your marriage, there is no question that it will be an important consideration in the division of marital property, and the same is likely true if your spouse became a partner in a business that you already owned. You may even have a business contract that further defines the terms of your partnership outside of your marital relationship, and such a contract will likely influence your options for dividing the business in your divorce.
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