While many couples have intertwined assets, few are as difficult to divide as a jointly held business. However, it isn’t impossible to divide the business and keep it operational, even if you split your interests.
If you’re considering divorce but are nervous to move forward because of a jointly owned business, it’s important to understand the process and your options. Below, we offer a basic overview to make you more comfortable with potential outcomes as you move forward in divorce.
It’s Possible to Divide a Jointly Owned Business
While untangling intertwined assets can be difficult in any situation, it can be even more complicated in divorce. However, it’s important to remember that it isn’t impossible to do so. In fact, it’s possible in some situations to save the business and keep it operational if both spouses are willing to do so.
In some situations, you must sell the business. More often than not, what happens to the business depends on you and your spouse’s ability to compromise, what the business is worth, and other assets owned by the business. This makes it even more important to speak with an experienced Naperville divorce lawyer to proceed with your case in a strategic way.
Proper Valuation is Critical
Hiring an expert to value your business is critical in divorce. This is how a divorce attorney ensures you are receiving what should be rightfully yours from the division of the business. Your divorce attorney can help you hire an expert to guarantee the entire process is as seamless and fair as possible.
Keep in mind that your spouse will also hire an expert to value the business. If there are discrepancies in valuation, the court will need to find a resolution. This makes it all the more important that you hire an experienced expert to avoid disparities in valuations.
Contact a Naperville Divorce Attorney if You’re Considering Divorce But are Concerned About Your Business
It’s natural to feel concerned about your business when you decide to get divorced. However, it’s important to remember that you can protect your interests and your business in the divorce process, especially if you hire an attorney with experience and a discretionary eye for property division.
At Lawrence R. Surinak Ltd., we offer over 35 years of experience to our clients, including many cases where jointly held businesses were in dispute. If you have questions regarding how this process works or would like to speak to Larry about your specific case, contact us at 630-470-9990. If you prefer, you may also request your free, 30-minute consultation online.
We look forward to speaking with you!