Kane County Attorneys Protecting Family Businesses and Professional Practices

Expreienced St. Charles, IL High Asset Divorce Lawyers

Family owned businesses and professional practices are treated like other marital assets in a divorce. Generally speaking, if the business was acquired during the marriage, it is subject to the property division process in a divorce unless there is a valid prenuptial or postnuptial agreement. There are also certain circumstances in which a non-owner spouse is entitled to a portion of the value of the business even if the business was acquired prior to the marriage. At Shaw Sanders, P.C., our attorneys are highly experienced dealing with family owned businesses and professional practices in a divorce. We understand how important business interests are to our clients' livelihood, and we fight to make sure your rights are protected in your divorce.

Is a Business Considered Marital Property?

As a rule, any asset you owned prior to your marriage is considered separate property in your divorce, and anything you acquired during the marriage is considered marital property. While this sounds simple enough, the application of the law can become murky when businesses are involved.

If you inherited a long-standing family business before or during your marriage, it is likely to be considered your separate property unless it was made out to both you and your spouse. However, your spouse could be entitled to a share of your business interests if they contributed to its growth during the marriage. This often occurs when marital funds are put toward the business or when a spouse contributes labor to the business. As part of your divorce, you will have to figure out how you will compensate your spouse for their contributions to the business.

Dividing Family Owned Businesses in Divorce

Being in business with your family can be an extremely rewarding experience. Unfortunately, a divorce can derail a family owned business very easily. With an experienced divorce attorney, however, it is possible for your business to weather even a contentious divorce intact and thriving. Our attorneys have assisted divorcing clients with all types of family owned businesses. Most of our clients seek to protect their business from being harmed in the property division process. As seasoned negotiators and litigators, we have the skill set to do just that.

Whenever business interests are involved in a divorce, the first step is to get an accurate business valuation. We work with experienced forensic accountants and other financial experts to ensure our clients' businesses are properly appraised. In most cases, the best way to preserve a business in a divorce is for one spouse (usually the primary operator) to buy out the other spouse using other marital assets. The spouse that surrenders their business interest might receive compensation in the form of real estate holdings, a greater sum of retirement savings, or other comparable assets.

Divorce Representation for Professional Practices

Professional practices may also be considered marital assets and become part of the property division process. Whether you are a doctor, lawyer, financial planner, real estate agent, accountant, psychologist, chiropractor, or any other type of professional, your practice may be at risk if you get a divorce. Even if your spouse has had no involvement in your practice, it could still be vulnerable to division in a divorce. Our attorneys are experienced in protecting professional practices both in negotiations and litigation. We strive to keep our clients' professional practices intact while also protecting our clients' other financial interests.

Contact a St. Charles, Illinois High Net Worth Divorce Lawyer

If your divorce involves family owned business interests or a professional practice, reach out to Shaw Sanders, P.C. at 630-584-5550 to set up a no-cost consultation. Our St. Charles, IL divorce lawyers will listen to you, answer your questions, and help you formulate reasonable objectives for your case. Our attorneys work with clients throughout Northern Illinois including Kane County, DuPage County, DeKalb County, and Kendall County.