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Business Ownership and Divorce

business-ownership-and-divorce

Marital assets, no matter what they are, are to be equitably divided as part of any divorce. As you can imagine, this process is lengthy, difficult, and is marked by disagreement between most couples. Adding a business into the mix only makes the process more complicated.

Valuing and dividing a business can be extremely complicated. Below, we discuss some of the important questions you’ll encounter, what you should be aware of, and what it will mean for your divorce.

Question #1: Is Your Business Marital Property?

Like other non-marital property, most assume that a business that was started prior to marriage is also non-marital. However, this isn’t always the case.

If marital funds and your business were ever intertwined, a portion of the business and its value is marital property. Businesses that were started with marital assets or that began after the marriage are almost always marital property.

Question #2: What’s the Business Worth?

Valuing a business is one of the most contentious issues when it comes to divorce. You will need to use an expert to come up with a valuation and even after that, you must consider equipment, debts, taxes, payroll, insurance, and any other expenses that also figure in the value.

Moreover, the future earning potential and growth are two other factors a court will consider. An accurate valuation is essential to an equitable distribution and to ensure both spouses receive a fair portion of the business in the divorce process.

Question #3: Should I Do Anything Specific to my Business During a Divorce?

A divorce and the division of a business can put strain on the business in the process. As such, it’s important that you pay particular attention to what it will take to buy out your spouse from the business and to secure an accurate valuation of the business as well.

Doing so is the best way to ensure your business continues to thrive long after the divorce is over and the division is complete.

Contact Lawrence R. Surinak Ltd. to Discuss Business Valuation

If you own a business and are concerned about its future as part of your divorce, you shouldn’t be. The experts at Lawrence R. Surinak Ltd. offer over 35 years of experience and will ensure your business is protected throughout your entire divorce process.

Take advantage of your free 30-minute consultation today by contacting us at 630-470-9990 or fill out our simple online form. We look forward to speaking with you and offering our expertise and support to handle all business-related matters (and others) as part of your divorce.

Concentrated on Family Law

Lawrence R. Surinak Ltd. is a law firm concentrating solely on family law and has served clients in DuPage, Will, Kane, and Kendall counties for over 35 years.

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About Attorney Lawrence R. Surinak Ltd.

Lawrence R. Surinak Ltd. is a law firm concentrating solely on family law and has served clients in DuPage, Will, Kane, and Kendall counties for over 35 years.

We continue to work with clients in Naperville, Wheaton, Lisle, Oswego, Downers Grove, and the surrounding areas to provide one-on-one support and attention that will help you through this difficult time.

If you have any questions or concerns, please feel free to contact us at any time. We look forward to offering our expertise and support to you throughout your case and after.